Friedenthal Financial Acquires 1,261 Shares of AbbVie Inc. $ABBV

Key Points

• Friedenthal Financial significantly increased its holdings in AbbVie Inc. by 3,152.5%, acquiring an additional 1,261 shares during the 2nd quarter, bringing their total to 1,301 shares valued at $241,000.
• AbbVie recently reported quarterly earnings of $2.97 EPS, which missed analyst estimates by $0.27, despite a 6.6% increase in revenue compared to the previous year.
• The company declared a quarterly dividend of $1.64, with an annual yield of 2.8%, and has a payout ratio of 312.38%, indicating a high level of dividend commitment relative to earnings.

Friedenthal Financial increased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 3,152.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,301 shares of the company's stock after purchasing an additional 1,261 shares during the period. Friedenthal Financial's holdings in AbbVie were worth $241,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Marshall & Sullivan Inc. WA purchased a new stake in shares of AbbVie during the second quarter valued at $25,000. TD Capital Management LLC boosted its stake in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares during the period. Abound Financial LLC purchased a new stake in shares of AbbVie during the first quarter valued at $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the first quarter valued at $35,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of AbbVie during the first quarter valued at $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

AbbVie Stock Performance

ABBV opened at $233.42 on Wednesday. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a market cap of $412.35 billion, a P/E ratio of 111.15, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. The firm's 50-day moving average price is $212.45 and its 200-day moving average price is $196.19.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the company earned $2.65 EPS. The business's revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, September 12th. BMO Capital Markets upped their price objective on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Bank of America upped their price objective on shares of AbbVie from $220.00 to $251.00 and gave the stock a "neutral" rating in a research note on Friday, October 3rd. Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. Finally, Cantor Fitzgerald upped their price objective on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $229.14.

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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