Fiduciary Alliance LLC Purchases 4,117 Shares of AbbVie Inc. $ABBV

Key Points

• Fiduciary Alliance LLC increased its stake in AbbVie Inc. by 24.3%, acquiring an additional 4,117 shares during the second quarter, bringing its total holdings to 21,043 shares worth approximately $3.9 million.
• Several analysts have raised their target prices for AbbVie, with BMO Capital Markets setting a new target of $240 and Morgan Stanley $255, reflecting strong confidence in the company's stock.
• AbbVie announced a quarterly dividend of $1.64 per share, with an upcoming payment date on November 14th, resulting in an annualized yield of 3.0%.

Fiduciary Alliance LLC lifted its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 24.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,043 shares of the company's stock after buying an additional 4,117 shares during the period. Fiduciary Alliance LLC's holdings in AbbVie were worth $3,906,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings 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 acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC lifted its stake in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Siemens Fonds Invest GmbH boosted its position in AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares during the period. Triglav Skladi D.O.O. bought a new position in shares of AbbVie during the fourth quarter valued at about $6,703,000. Finally, Visionary Wealth Advisors increased its holdings in shares of AbbVie by 2.1% in the fourth quarter. Visionary Wealth Advisors now owns 57,722 shares of the company's stock worth $10,257,000 after buying an additional 1,196 shares during the period. Institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. BMO Capital Markets increased their target price on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a report on Friday. Piper Sandler assumed coverage on AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective for the company. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Morgan Stanley increased their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Cantor Fitzgerald raised their price target on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus price target of $218.76.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

AbbVie Trading Down 0.2%

NYSE:ABBV opened at $217.92 on Tuesday. The firm has a market capitalization of $384.97 billion, a P/E ratio of 103.77, a PEG ratio of 1.40 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a one year low of $163.81 and a one year high of $221.76. The company's 50-day simple moving average is $200.86 and its 200 day simple moving average is $194.51.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the business posted $2.65 EPS. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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

About AbbVie

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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