Financiere des Professionnels Fonds d investissement inc. Purchases Shares of 59,618 AbbVie Inc. $ABBV

Key Points

• Financiere des Professionnels Fonds d'investissement inc. acquired a new stake in AbbVie Inc., purchasing 59,618 shares valued at approximately $11.07 million in the second quarter.
• Several institutional investors, including GAMMA Investing LLC and Goldman Sachs Group Inc., have significantly increased their stakes in AbbVie during the first quarter, indicating strong interest from hedge funds.
• AbbVie declared a quarterly dividend of $1.64 per share to be paid on November 14th, resulting in a 3.0% yield for investors, though its payout ratio is notably high at 312.38%.

Financiere des Professionnels Fonds d investissement inc. acquired a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 59,618 shares of the company's stock, valued at approximately $11,066,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. TD Capital Management LLC raised its holdings in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares in the last quarter. Abound Financial LLC bought a new position in shares of AbbVie in the 1st quarter valued at $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 bought a new stake in AbbVie during the 1st quarter worth $35,000. Finally, Pinney & Scofield Inc. bought a new stake in AbbVie during the 4th quarter worth $36,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE ABBV traded up $0.30 on Friday, hitting $222.29. 14,371,957 shares of the stock traded hands, compared to its average volume of 4,244,925. The business's fifty day moving average is $203.12 and its two-hundred day moving average is $194.89. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $223.49. The firm has a market capitalization of $392.69 billion, a price-to-earnings ratio of 105.85, a PEG ratio of 1.33 and a beta of 0.53. 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 (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share 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 firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period last year, the company posted $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on 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 sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the 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 sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ABBV shares. Wells Fargo & Company boosted their price objective on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, September 12th. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Morgan Stanley boosted 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. Finally, Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and an average price target of $222.68.

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.