Eaton Financial Holdings Company LLC Makes New Investment in AbbVie Inc. $ABBV

Key Points

• Eaton Financial Holdings has acquired a new position in AbbVie Inc., buying 6,777 shares valued at approximately $1,258,000 during the 2nd quarter.
• AbbVie reported a quarterly revenue of $15.42 billion, which surpassed analyst estimates of $14.93 billion, alongside earnings per share of $2.97.
• A quarterly dividend of $1.64 per share has been declared, to be paid on November 14th, representing an annualized dividend yield of 2.9%.

Eaton Financial Holdings Company LLC bought a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,777 shares of the company's stock, valued at approximately $1,258,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of AbbVie by 17.4% in 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 holdings in AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after buying an additional 3,064 shares in the last quarter. Vermillion Wealth Management Inc. bought a new stake in AbbVie during the 4th quarter valued at about $122,000. United Advisor Group LLC raised its holdings in shares of AbbVie by 2.1% in the 4th quarter. United Advisor Group LLC now owns 4,472 shares of the company's stock valued at $795,000 after purchasing an additional 90 shares in the last quarter. Finally, Garde Capital Inc. raised its holdings in shares of AbbVie by 17.6% in the 4th quarter. Garde Capital Inc. now owns 1,335 shares of the company's stock valued at $237,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on 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 of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, 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. Insiders own 0.08% of the company's stock.

AbbVie Price Performance

NYSE:ABBV opened at $223.09 on Tuesday. The firm has a market cap of $394.09 billion, a price-to-earnings ratio of 106.23, a price-to-earnings-growth 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 company's 50-day moving average is $203.75 and its two-hundred day moving average is $194.84. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $225.16.

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

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ABBV. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. Piper Sandler initiated coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Berenberg Bank raised shares of AbbVie from a "hold" rating to a "buy" rating and increased their price objective for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. Finally, Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. 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 company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $223.45.

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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