Elefante Mark B Acquires New Position in AbbVie Inc. $ABBV

Key Points

• Elefante Mark B initiated a position in AbbVie during the second quarter, purchasing 4,590 shares valued at approximately $1.16 million. Other institutional investors also increased their holdings, with institutions collectively owning 70.23% of the stock.
• Analysts remain broadly positive, giving AbbVie a consensus rating of “Moderate Buy” and an average price target of $275.95; several firms recently raised their targets to between $285 and $303.
• AbbVie exceeded quarterly expectations with adjusted EPS of $3.65 and revenue of $16.99 billion, up 10.2% year over year. The company also paid a quarterly dividend of $1.73 per share, representing a 2.6% annualized yield.

Elefante Mark B bought a new position in AbbVie Inc. (NYSE:ABBV - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,590 shares of the company's stock, valued at approximately $1,155,000.

Several other large investors have also added to or reduced their stakes in the company. Ranch Capital Advisors Inc. lifted its position in shares of AbbVie by 37.0% in the first quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company's stock valued at $3,238,000 after acquiring an additional 4,017 shares in the last quarter. Capital Advisors Inc. OK grew its position in shares of AbbVie by 11.2% during the second quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company's stock worth $112,516,000 after purchasing an additional 45,132 shares in the last quarter. Danica Pension Livsforsikringsaktieselskab bought a new stake in AbbVie during the 2nd quarter valued at approximately $23,557,000. Wedge Capital Management L L P NC raised its stake in AbbVie by 7.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company's stock valued at $33,865,000 after purchasing an additional 9,380 shares during the period. Finally, Mission Wealth Management LP lifted its holdings in AbbVie by 119.1% in the 2nd quarter. Mission Wealth Management LP now owns 69,052 shares of the company's stock worth $17,376,000 after purchasing an additional 37,531 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the sale, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler upped their price target on AbbVie from $298.00 to $303.00 and gave the stock an "overweight" rating in a research note on Thursday, August 20th. Evercore set a $235.00 target price on shares of AbbVie in a research report on Friday, May 15th. BMO Capital Markets lifted their price target on shares of AbbVie from $258.00 to $300.00 and gave the company an "outperform" rating in a report on Monday, July 13th. Cantor Fitzgerald increased their price objective on shares of AbbVie from $265.00 to $285.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Finally, Bank of America raised their price objective on AbbVie from $234.00 to $276.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average price target of $275.95.

AbbVie Stock Performance

NYSE:ABBV opened at $261.50 on Thursday. The firm has a market capitalization of $462.02 billion, a PE ratio of 73.87, a PEG ratio of 1.18 and a beta of 0.29. The stock's fifty day moving average is $254.23 and its 200 day moving average is $229.67. AbbVie Inc. has a fifty-two week low of $190.75 and a fifty-two week high of $267.47.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.61 by $0.04. AbbVie had a net margin of 9.80% and a negative return on equity of 422.07%. The business had revenue of $16.99 billion during the quarter, compared to the consensus estimate of $16.80 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The firm's quarterly revenue was up 10.2% compared to the same quarter last year. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. Equities analysts forecast that AbbVie Inc. will post 14.05 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th were paid a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Wednesday, July 15th. AbbVie's payout ratio is currently 195.48%.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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