Divergent Planning LLC Purchases Shares of 4,006 AbbVie Inc. $ABBV

Key Points

• Divergent Planning LLC has acquired 4,006 shares of AbbVie Inc. valued at approximately $744,000 during the second quarter.
• Insider trading activity includes significant sales by executives Azita Saleki-Gerhardt and Nicholas Donoghoe, with the former selling 42,370 shares and the latter selling 13,295 shares, resulting in notable decreases in their respective ownership percentages.
• Multiple analysts have upgraded their target prices for AbbVie, with Evercore ISI setting a new target at $222 and JPMorgan Chase raising it to $235, reflecting a positive outlook for the company's stock.

Divergent Planning LLC acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,006 shares of the company's stock, valued at approximately $744,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Brighton Jones LLC lifted its holdings in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after purchasing an additional 3,064 shares during the period. GAMMA Investing LLC boosted its position in shares of AbbVie by 23.8% in the 1st quarter. GAMMA Investing LLC now owns 48,848 shares of the company's stock worth $10,235,000 after purchasing an additional 9,395 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of AbbVie by 4.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 511,060 shares of the company's stock worth $107,077,000 after purchasing an additional 21,249 shares during the period. Finally, Ridgecrest Wealth Partners LLC increased its holdings in AbbVie by 4.4% in the first quarter. Ridgecrest Wealth Partners LLC now owns 8,253 shares of the company's stock valued at $1,729,000 after purchasing an additional 350 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction 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 represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ABBV. Evercore ISI increased their target price on shares of AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. JPMorgan Chase & Co. raised their price objective on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and lifted their target price for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. UBS Group set a $251.00 price target on AbbVie in a report on Friday, October 3rd. Finally, Piper Sandler raised their price target on AbbVie from $231.00 to $284.00 and gave the stock an "overweight" rating in a research report on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and an average target price of $234.80.

AbbVie Stock Up 1.1%

AbbVie stock opened at $232.07 on Tuesday. The company has a fifty day simple moving average of $218.58 and a 200 day simple moving average of $197.84. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The company has a market cap of $409.97 billion, a P/E ratio of 110.51, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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 net margin of 6.45% and a return on equity of 699.66%. AbbVie's revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.65 EPS. Research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

AbbVie Company 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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