Elser Financial Planning Inc Invests $502,000 in AbbVie Inc. $ABBV

Key Points

• Elser Financial Planning Inc invested approximately $502,000 to purchase 2,633 shares of AbbVie Inc. ($ABBV) during the 2nd quarter, indicating growing interest from institutional investors.
• AbbVie reported $2.97 earnings per share for the last quarter, which fell short of analysts' expectations of $3.24 but showed a 6.6% increase in revenue year-over-year.
• The company has declared a quarterly dividend of $1.64 scheduled for payment on November 14th, reflecting a dividend yield of 2.9% despite a high dividend payout ratio of 312.38%.

Elser Financial Planning Inc purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,633 shares of the company's stock, valued at approximately $502,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of AbbVie by 0.5% in the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock worth $36,439,271,000 after buying an additional 845,787 shares during the period. Northern Trust Corp raised its holdings in shares of AbbVie by 0.9% in the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock worth $4,612,357,000 after buying an additional 189,294 shares during the period. Goldman Sachs Group Inc. increased its holdings in AbbVie by 31.6% during the 1st 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 period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in AbbVie by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock worth $2,675,959,000 after purchasing an additional 713,148 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in AbbVie by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company's stock worth $1,972,050,000 after purchasing an additional 45,871 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Up 1.1%

Shares of NYSE:ABBV opened at $222.93 on Tuesday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $225.16. The business's fifty day simple moving average is $207.00 and its 200-day simple moving average is $195.12. The company has a market capitalization of $393.82 billion, a PE ratio of 106.16, a P/E/G ratio of 1.29 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.

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

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a $1.64 dividend. 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%.

Analyst Upgrades and Downgrades

Several research analysts have commented on ABBV shares. BMO Capital Markets raised 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. Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Piper Sandler started coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Citigroup raised their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Finally, Cantor Fitzgerald raised their price objective on AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Four equities research 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 target price of $223.45.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's 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 $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 available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm'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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.