Capital Investment Advisors LLC Purchases 2,678 Shares of AbbVie Inc. $ABBV

Key Points

• Capital Investment Advisors LLC has increased its stake in AbbVie Inc. by 1.4%, acquiring an additional 2,678 shares, bringing its total holdings to 191,773 shares valued at approximately $35.6 million.
• Numerous institutional investors have also modified their positions in AbbVie, with notable increases from firms like Assenagon Asset Management and Goldman Sachs Group, reflecting a growing institutional interest.
• AbbVie is expected to pay a quarterly dividend of $1.64 per share on November 14th, translating to an annualized yield of 2.9%, despite having a high dividend payout ratio of 312.38%.

Capital Investment Advisors LLC lifted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,773 shares of the company's stock after buying an additional 2,678 shares during the period. Capital Investment Advisors LLC's holdings in AbbVie were worth $35,597,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Nuveen LLC bought a new stake in shares of AbbVie during the 1st quarter worth approximately $1,819,154,000. Assenagon Asset Management S.A. lifted its stake in shares of AbbVie by 550.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock worth $804,116,000 after buying an additional 3,666,521 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after buying an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in AbbVie in the 2nd quarter valued at about $581,817,000. Finally, Bessemer Group Inc. raised its holdings in AbbVie by 147.6% in the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock valued at $576,800,000 after acquiring an additional 1,641,091 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent research reports. Evercore ISI raised their price objective on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and increased their price target for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. increased their price target on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of "Moderate Buy" and an average target price of $223.45.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

AbbVie Stock Performance

NYSE ABBV opened at $222.93 on Tuesday. The company has a fifty day simple moving average of $207.00 and a 200 day simple moving average of $195.12. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $225.16. 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 $393.82 billion, a P/E ratio of 106.16, a PEG ratio of 1.29 and a beta of 0.53.

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

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

AbbVie 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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