CCM Investment Group LLC Invests $6.54 Million in AbbVie Inc. (NYSE:ABBV)

Key Points

• CCM Investment Group LLC has made a new investment in AbbVie Inc., purchasing 31,860 shares valued at approximately $6.54 million, which now represents about 0.7% of its investment portfolio.
• The company's quarterly earnings report showed an EPS of $2.97, which was below analysts' expectations of $3.24, although revenue reached $15.42 billion, surpassing consensus estimates.
• AbbVie recently announced a quarterly dividend of $1.64, reflecting a 3.3% yield, with an annualized dividend totaling $6.56.

CCM Investment Group LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 31,860 shares of the company's stock, valued at approximately $6,541,000. AbbVie makes up approximately 0.7% of CCM Investment Group LLC's investment portfolio, making the stock its 17th largest holding.

Other institutional investors have also made changes to their positions in the company. Abound Financial LLC acquired a new stake in AbbVie in the first quarter valued at $30,000. Siemens Fonds Invest GmbH raised its holdings in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after acquiring an additional 119,141 shares in the last quarter. Cypress Capital Management LLC WY acquired a new stake in AbbVie in the first quarter valued at $35,000. Pinney & Scofield Inc. acquired a new stake in AbbVie in the fourth quarter valued at $36,000. Finally, Inlight Wealth Management LLC bought a new stake in AbbVie during the first quarter valued at $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The shares were 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 owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Performance

Shares of ABBV opened at $198.10 on Friday. The firm has a 50-day moving average price of $189.65 and a 200 day moving average price of $191.21. The firm has a market capitalization of $349.96 billion, a PE ratio of 94.33, a P/E/G ratio of 1.27 and a beta of 0.50. The company has a quick ratio of 0.64, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66.

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

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is currently 312.38%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ABBV. Bank of America boosted their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Raymond James Financial boosted their target price on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Morgan Stanley boosted their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup boosted their target price on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Finally, Evercore ISI boosted their target price on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $214.43.

About AbbVie

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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