Financial Advisors Network Inc. Has $3.01 Million Position in AbbVie Inc. $ABBV

Key Points

• Financial Advisors Network Inc. increased its position in AbbVie Inc. by 278.1%, raising its holdings to $3.01 million with 14,354 shares owned as of the latest SEC filing.
• AbbVie recently reported a net margin of 6.45% and revenue of $15.42 billion for the quarter, exceeding analysts' expectations.
• The company declared a quarterly dividend of $1.64 per share, resulting in an annualized yield of 3.2%, with a dividend payout ratio of 312.38%.

Financial Advisors Network Inc. grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 278.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,354 shares of the company's stock after buying an additional 10,558 shares during the quarter. Financial Advisors Network Inc.'s holdings in AbbVie were worth $3,007,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Abound Financial LLC acquired a new stake in shares of AbbVie during the first quarter worth approximately $30,000. Siemens Fonds Invest GmbH grew its position in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after acquiring an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the 1st quarter valued at $35,000. Pinney & Scofield Inc. bought a new position in AbbVie in the 4th quarter valued at $36,000. Finally, Inlight Wealth Management LLC bought a new position in AbbVie in the 1st quarter valued at $42,000. 70.23% of the stock is owned by institutional investors.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business'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 transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $206.65 on Monday. The company has a market capitalization of $365.06 billion, a price-to-earnings ratio of 98.41, a PEG ratio of 1.33 and a beta of 0.50. The company has a 50-day simple moving average of $191.08 and a 200 day simple moving average of $192.31. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the company posted $2.65 earnings per share. The company's revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, July 15th. AbbVie's dividend payout ratio is presently 312.38%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Guggenheim raised their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Raymond James Financial increased their price target on AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. BNP Paribas raised shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Finally, Evercore ISI boosted their target price on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $214.95.

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.

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