Exchange Traded Concepts LLC Has $14.19 Million Stock Position in AbbVie Inc. $ABBV

Key Points

• Exchange Traded Concepts LLC increased its holdings in AbbVie Inc. by 13.3% during the second quarter, owning 76,437 shares valued at approximately $14.19 million.
• Wall Street analysts are optimistic about AbbVie, with multiple firms raising their target prices significantly, and a consensus rating of "Moderate Buy" based on strong performance expectations.
• AbbVie announced a quarterly dividend of $1.64 per share, equating to an annual yield of 3.0%, ahead of the upcoming payment date on November 14th.

Exchange Traded Concepts LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 13.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76,437 shares of the company's stock after purchasing an additional 8,996 shares during the period. Exchange Traded Concepts LLC's holdings in AbbVie were worth $14,188,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. FF Advisors LLC lifted its holdings in AbbVie by 3.6% in the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after acquiring an additional 53 shares during the last quarter. Private Management Group Inc. raised its holdings in AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after buying an additional 54 shares during the period. Silicon Valley Capital Partners raised its holdings in AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock worth $118,000 after buying an additional 56 shares during the period. Seneca House Advisors raised its holdings in AbbVie by 2.7% during the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company's stock worth $388,000 after buying an additional 56 shares during the period. Finally, Connecticut Wealth Management LLC raised its holdings in AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after buying an additional 57 shares during the period. Institutional investors own 70.23% of the company's stock.

Insiders Place Their Bets

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction dated 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 transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

AbbVie Stock Performance

Shares of ABBV stock traded up $0.30 during trading on Friday, reaching $222.29. 14,371,957 shares of the company's stock were exchanged, compared to its average volume of 4,244,925. The firm's fifty day moving average price is $203.12 and its 200-day moving average price is $194.89. The stock has a market capitalization of $392.69 billion, a PE ratio of 105.85, a PEG ratio of 1.33 and a beta of 0.53. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $223.49. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the firm posted $2.65 EPS. AbbVie's quarterly revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a report on Thursday, August 7th. Citigroup upped their target price on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Guggenheim upped their target price on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Finally, Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $222.68.

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.