AbbVie Inc. $ABBV Shares Acquired by Farther Finance Advisors LLC

Key Points

• Farther Finance Advisors LLC increased their stake in AbbVie Inc. by 14.4% in the second quarter, holding 39,100 shares worth approximately $7.26 million.
• AbbVie reported earnings per share of $2.97 for the last quarter, missing estimates of $3.24, despite a revenue increase to $15.42 billion.
• The company announced a quarterly dividend of $1.64, scheduled for payment on November 14th, with a current dividend yield of 3.0%.

Farther Finance Advisors LLC raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 14.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,100 shares of the company's stock after acquiring an additional 4,908 shares during the period. Farther Finance Advisors LLC's holdings in AbbVie were worth $7,257,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC increased its holdings in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC increased 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 purchasing an additional 3,064 shares during the period. Retirement Planning Group LLC increased its holdings in AbbVie by 4.2% during the 4th quarter. Retirement Planning Group LLC now owns 2,714 shares of the company's stock valued at $482,000 after purchasing an additional 109 shares during the period. Pinney & Scofield Inc. purchased a new position in AbbVie during the 4th quarter valued at about $36,000. Finally, GF Fund Management CO. LTD. purchased a new position in AbbVie during the 4th quarter valued at about $7,687,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ABBV. Bank of America upped their target price on AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and upped their price objective for the company from $170.00 to $270.00 in a research report on Wednesday, September 17th. Wells Fargo & Company upped their price objective on AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, September 12th. Cantor Fitzgerald upped their price objective on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday, September 15th. Finally, Evercore ISI increased their price target on AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a report on Monday. 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 MarketBeat.com, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus price target of $223.45.

AbbVie Trading Up 0.3%

Shares of NYSE:ABBV traded up $0.62 during trading on Monday, reaching $223.09. The company's stock had a trading volume of 5,989,926 shares, compared to its average volume of 6,480,546. 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 12 month low of $163.81 and a 12 month high of $225.16. The firm's 50 day simple moving average is $203.12 and its two-hundred day simple moving average is $194.78. The stock has a market capitalization of $394.09 billion, a PE ratio of 106.23, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.65 EPS. On average, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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 paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is currently 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business'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 transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president directly 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 disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

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.