Chapin Davis Inc. Boosts Stock Position in AbbVie Inc. $ABBV

Key Points

• Chapin Davis Inc. increased its stake in AbbVie Inc. by 12.9% during the 2nd quarter, resulting in ownership of approximately $2.4 million worth of shares.
• Several analysts have upgraded AbbVie, with Berenberg Bank raising its target price from $170 to $270 and four analysts currently rating the stock as a Strong Buy.
• AbbVie announced a quarterly dividend of $1.64, with a record date set for October 15th and an annualized yield of 3.0%.

Chapin Davis Inc. boosted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 12.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,006 shares of the company's stock after purchasing an additional 1,487 shares during the period. Chapin Davis Inc.'s holdings in AbbVie were worth $2,414,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. First Hawaiian Bank boosted its position in AbbVie by 0.8% in the second quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock worth $1,403,000 after purchasing an additional 60 shares during the last quarter. Narus Financial Partners LLC boosted its position in AbbVie by 25.3% in the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after purchasing an additional 401 shares during the last quarter. Highland Capital Management LLC raised its stake in shares of AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after buying an additional 2,792 shares during the period. Weaver Capital Management LLC raised its stake in shares of AbbVie by 3.9% in the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock valued at $1,727,000 after buying an additional 310 shares during the period. Finally, North Star Asset Management Inc. raised its stake in shares of AbbVie by 0.5% in the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock valued at $33,800,000 after buying an additional 756 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

ABBV has been the topic of several research reports. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and boosted their target price for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Bank of America boosted their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their target price on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $222.68.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

AbbVie Price Performance

ABBV opened at $222.29 on Monday. The stock has a 50-day moving average price of $203.12 and a 200-day moving average price of $194.78. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $223.49. 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 stock has a market capitalization of $392.69 billion, a P/E ratio of 105.85, a PEG ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

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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