Callan Family Office LLC Boosts Holdings in AbbVie Inc. $ABBV

Key Points

• Callan Family Office LLC increased its stake in AbbVie Inc. by 89.1%, owning a total of 35,000 shares valued at $6,497,000 after purchasing additional shares in the second quarter.
• AbbVie reported $2.97 earnings per share for the last quarter, falling short of the expected $3.24, despite seeing a revenue increase of 6.6% year-over-year to $15.42 billion.
• The company declared a quarterly dividend of $1.64 to be paid on November 14th, representing an annualized yield of 2.8% and has a notably high dividend payout ratio of 312.38%.

Callan Family Office LLC lifted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 89.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,000 shares of the company's stock after purchasing an additional 16,487 shares during the quarter. Callan Family Office LLC's holdings in AbbVie were worth $6,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of ABBV. TD Capital Management LLC raised its position in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new position in AbbVie in the 2nd quarter worth about $25,000. Abound Financial LLC purchased a new position in AbbVie in the 1st quarter worth about $30,000. Cypress Capital Management LLC WY purchased a new position in AbbVie in the 1st quarter worth about $35,000. Finally, Inlight Wealth Management LLC purchased a new position in AbbVie in the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Trading Down 0.1%

Shares of NYSE:ABBV opened at $231.03 on Friday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market cap of $408.13 billion, a PE ratio of 110.01, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. The stock has a 50 day moving average of $214.12 and a 200 day moving average of $196.58.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the previous year, the company earned $2.65 earnings per share. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ABBV. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. JPMorgan Chase & Co. upped their price target on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Cantor Fitzgerald set a $250.00 price target on shares of AbbVie and gave the company an "overweight" rating in a research report on Thursday. Morgan Stanley upped their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $229.38.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.

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