Cranbrook Wealth Management LLC Acquires 1,619 Shares of AbbVie Inc. $ABBV

Key Points

• Cranbrook Wealth Management LLC increased its stake in AbbVie Inc. by 13.0%, bringing its total holdings to 14,091 shares valued at approximately $2.6 million.
• Major investments from other institutional players include GAMMA Investing LLC, which boosted its position by over 25,841.6%, and Nuveen LLC, which purchased a new stake valued at around $1.8 billion.
• AbbVie recently announced a quarterly dividend of $1.64, resulting in an annualized yield of 2.9% for shareholders on record by October 15th.

Cranbrook Wealth Management LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 13.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,091 shares of the company's stock after buying an additional 1,619 shares during the period. Cranbrook Wealth Management LLC's holdings in AbbVie were worth $2,616,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after buying an additional 10,195,284 shares in the last quarter. Nuveen LLC purchased a new stake in shares of AbbVie during the first quarter valued at approximately $1,819,154,000. Assenagon Asset Management S.A. boosted its position in AbbVie by 550.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock worth $804,116,000 after purchasing an additional 3,666,521 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC bought a new position in AbbVie in the 2nd quarter valued at $581,817,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction 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 the business's stock in a transaction 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. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ABBV shares. Piper Sandler began coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. JPMorgan Chase & Co. boosted 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. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. BMO Capital Markets upped their price objective on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Finally, Citigroup lifted their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus price target of $223.45.

AbbVie Stock Performance

Shares of AbbVie stock opened at $222.88 on Wednesday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $225.16. The firm has a market capitalization of $393.74 billion, a P/E ratio of 106.14, a P/E/G ratio of 1.33 and a beta of 0.53. 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 business has a fifty day simple moving average of $204.47 and a two-hundred day simple moving average of $195.04.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 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 return on equity of 699.66% and a net margin of 6.45%.The business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.65 earnings per share. On average, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 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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