First Pacific Financial Acquires 23,028 Shares of AbbVie Inc. $ABBV

Key Points

• First Pacific Financial significantly increased its stake in AbbVie Inc. by 9,635.1% during the second quarter, acquiring an additional 23,028 shares, bringing their total holdings to 23,267 shares worth approximately $4.32 million.
• Several institutional investors have recently increased their positions in AbbVie, with 70.23% of the stock now owned by institutional investors and hedge funds.
• AbbVie announced a quarterly dividend of $1.64 to be paid on November 14, reflecting an annualized dividend yield of 2.8%, despite a high dividend payout ratio of 312.38%.

First Pacific Financial increased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 9,635.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,267 shares of the company's stock after purchasing an additional 23,028 shares during the period. AbbVie makes up 0.6% of First Pacific Financial's holdings, making the stock its 23rd largest position. First Pacific Financial's holdings in AbbVie were worth $4,319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. QTR Family Wealth LLC boosted its stake in shares of AbbVie by 19.7% during the 2nd quarter. QTR Family Wealth LLC now owns 2,946 shares of the company's stock worth $547,000 after buying an additional 484 shares during the last quarter. Marino Stram & Associates LLC boosted its stake in shares of AbbVie by 1.9% during the 2nd quarter. Marino Stram & Associates LLC now owns 13,532 shares of the company's stock worth $2,512,000 after buying an additional 252 shares during the last quarter. Impact Capital Partners LLC boosted its stake in shares of AbbVie by 1.4% during the 2nd quarter. Impact Capital Partners LLC now owns 24,471 shares of the company's stock worth $4,542,000 after buying an additional 334 shares during the last quarter. Childress Capital Advisors LLC boosted its stake in shares of AbbVie by 25.1% during the 2nd quarter. Childress Capital Advisors LLC now owns 8,310 shares of the company's stock worth $1,542,000 after buying an additional 1,667 shares during the last quarter. Finally, Consolidated Portfolio Review Corp boosted its stake in shares of AbbVie by 11.1% during the 2nd quarter. Consolidated Portfolio Review Corp now owns 2,373 shares of the company's stock worth $441,000 after buying an additional 237 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction on 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 completion of the transaction, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction 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. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ABBV. Morgan Stanley increased their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Evercore ISI upped their target price on shares of AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. Bank of America upped their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Piper Sandler began coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Finally, BMO Capital Markets increased their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $223.45.

AbbVie Stock Up 3.7%

Shares of ABBV opened at $231.47 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $408.91 billion, a PE ratio of 110.22, a P/E/G ratio of 1.31 and a beta of 0.53. The firm's 50 day moving average is $207.89 and its 200-day moving average is $195.37. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $232.35.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business's revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.65 EPS. Equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current 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 $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

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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