Global Financial Private Client LLC Acquires 1,460 Shares of AbbVie Inc. $ABBV

Key Points

• Global Financial Private Client LLC increased its ownership in AbbVie Inc. by 51.8% during the second quarter, bringing its total shares to 4,278, valued at approximately $794,000.
• AbbVie Inc. reported earnings per share of $2.97 for the last quarter, missing estimates of $3.24, but revenue increased to $15.42 billion, exceeding expectations.
• A quarterly dividend of $1.64 will be paid to stockholders on November 14th, representing an annualized yield of 3.0% with a high dividend payout ratio of 312.38%.

Global Financial Private Client LLC boosted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 51.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,278 shares of the company's stock after buying an additional 1,460 shares during the period. Global Financial Private Client LLC's holdings in AbbVie were worth $794,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. TD Capital Management LLC raised its position in shares of AbbVie by 82.9% in 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 position in AbbVie in the first quarter worth $30,000. Siemens Fonds Invest GmbH raised its holdings in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares in the last quarter. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie in the 1st quarter valued at $35,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of AbbVie in the fourth quarter worth about $36,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

ABBV stock traded up $2.06 during midday trading on Monday, hitting $224.53. The stock had a trading volume of 1,793,918 shares, compared to its average volume of 6,457,369. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $225.16. 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 firm has a market capitalization of $396.64 billion, a price-to-earnings ratio of 106.94, a P/E/G ratio of 1.33 and a beta of 0.53. The stock has a 50-day simple moving average of $203.12 and a 200 day simple moving average of $194.78.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.65 EPS. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is presently 312.38%.

Insiders Place Their Bets

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 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. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent analyst reports. Guggenheim boosted their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Citigroup lifted their price target on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Cantor Fitzgerald increased their price target on AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Finally, Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $223.45.

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.