Focus Partners Wealth Acquires 39,164 Shares of AbbVie Inc. $ABBV

Key Points

• Focus Partners Wealth has increased its holdings in AbbVie Inc. by 7.8%, now owning a total of 538,219 shares valued at approximately $112.77 million.
• AbbVie reported quarterly earnings of $2.97 per share, missing analyst estimates, but its revenue rose to $15.42 billion, exceeding expectations.
• The company declared a quarterly dividend of $1.64 per share, with a dividend yield of 3.1%, set to be paid on November 14th.

Focus Partners Wealth increased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 7.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 538,219 shares of the company's stock after acquiring an additional 39,164 shares during the quarter. Focus Partners Wealth's holdings in AbbVie were worth $112,768,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Narus Financial Partners LLC grew its position in shares of AbbVie by 25.3% in the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock valued at $417,000 after purchasing an additional 401 shares in the last quarter. Highland Capital Management LLC grew its position in shares of AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after purchasing an additional 2,792 shares in the last quarter. Weaver Capital Management LLC grew its position in shares of AbbVie by 3.9% in the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock valued at $1,727,000 after purchasing an additional 310 shares in the last quarter. North Star Asset Management Inc. grew its position in shares of AbbVie by 0.5% in the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock valued at $33,800,000 after purchasing an additional 756 shares in the last quarter. Finally, Alpine Bank Wealth Management purchased a new position in shares of AbbVie in the first quarter valued at $3,879,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

ABBV opened at $210.46 on Wednesday. The stock has a 50-day moving average price of $198.64 and a 200-day moving average price of $194.25. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. 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 $371.79 billion, a P/E ratio of 100.22, a PEG ratio of 1.35 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last released 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). The company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company's revenue was up 6.6% on a year-over-year basis. During the same period last year, the firm posted $2.65 EPS. Equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued 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 dividend yield of 3.1%. AbbVie's dividend payout ratio is 312.38%.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company'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 value of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 177,292 shares in the company, 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. 0.08% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Piper Sandler assumed coverage on AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target for the company. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Bank of America boosted their target price on AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. Finally, Morgan Stanley boosted their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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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