Concord Asset Management LLC VA Purchases 1,691 Shares of AbbVie Inc. $ABBV

Key Points

• Concord Asset Management LLC VA increased its stake in AbbVie Inc. by 27.9% during Q2, owning 7,759 shares valued at approximately $1.44 million after acquiring an additional 1,691 shares.
• Analysts are optimistic about AbbVie, with firms like JPMorgan and Wells Fargo raising their price targets significantly, indicating a general consensus of a "Moderate Buy" rating with an average target of $231.90.
• AbbVie recently declared a quarterly dividend of $1.64 per share, with an annualized yield of 2.8%, despite having a high dividend payout ratio of 312.38%.

Concord Asset Management LLC VA boosted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 27.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 7,759 shares of the company's stock after acquiring an additional 1,691 shares during the period. Concord Asset Management LLC VA's holdings in AbbVie were worth $1,440,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Conning Inc. raised its stake in AbbVie by 7.1% in the 2nd quarter. Conning Inc. now owns 191,023 shares of the company's stock valued at $35,458,000 after acquiring an additional 12,690 shares during the period. Dohj LLC raised its stake in AbbVie by 41.8% in the 2nd quarter. Dohj LLC now owns 4,529 shares of the company's stock valued at $802,000 after acquiring an additional 1,335 shares during the period. First Hawaiian Bank raised its stake in AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock valued at $1,403,000 after acquiring an additional 60 shares during the period. Narus Financial Partners LLC raised its stake in AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock valued at $417,000 after acquiring an additional 401 shares during the period. Finally, BankPlus Trust Department increased its position in shares of AbbVie by 3.3% during the second quarter. BankPlus Trust Department now owns 27,113 shares of the company's stock valued at $5,033,000 after buying an additional 855 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ABBV. JPMorgan Chase & Co. upped their price target on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Evercore ISI upped their price target on AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a research report on Monday, September 22nd. Wall Street Zen cut AbbVie from a "buy" rating to a "hold" rating in a research report on Saturday. Wells Fargo & Company upped their price target on AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, September 12th. Finally, BMO Capital Markets upped their price target on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $231.90.

AbbVie Stock Up 0.1%

ABBV stock opened at $230.88 on Monday. 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's 50 day moving average is $214.84 and its 200 day moving average is $196.71. The stock has a market cap of $407.86 billion, a price-to-earnings ratio of 109.94, a price-to-earnings-growth ratio of 1.42 and a beta of 0.51. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81.

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

AbbVie Dividend Announcement

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 given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

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 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 sale was disclosed in a filing with the Securities & Exchange Commission, 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

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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