GSG Advisors LLC Acquires New Shares in AbbVie Inc. $ABBV

Key Points

• GSG Advisors LLC has acquired 1,178 shares of AbbVie Inc. valued at approximately $219,000, signaling growing investor interest in the company.
• A number of hedge funds have increased their positions in AbbVie, with TD Capital Management LLC raising its position by 82.9% in the first quarter.
• Analysts have set new price targets for AbbVie, with recommendations ranging from an "overweight" rating and a target of $260.00 from Wells Fargo, indicating positive market sentiment.

GSG Advisors LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,178 shares of the company's stock, valued at approximately $219,000.

Several other hedge funds also recently bought and sold shares of ABBV. TD Capital Management LLC increased its position in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares in the last quarter. Abound Financial LLC purchased a new position in AbbVie during the first quarter worth $30,000. Siemens Fonds Invest GmbH increased its position in AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares in the last quarter. Cypress Capital Management LLC WY purchased a new position in AbbVie during the first quarter worth $35,000. Finally, Pinney & Scofield Inc. purchased a new position in AbbVie during the fourth quarter worth $36,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ABBV shares. Piper Sandler started coverage on AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. BMO Capital Markets lifted their price objective on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Finally, Wells Fargo & Company lifted their price objective on AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, September 12th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $220.43.

AbbVie Trading Down 0.6%

Shares of ABBV opened at $216.27 on Wednesday. The stock's 50-day moving average is $201.39 and its two-hundred day moving average is $194.66. The stock has a market cap of $382.05 billion, a PE ratio of 102.99, a P/E/G ratio of 1.40 and a beta of 0.53. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $221.76. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

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 analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.65 EPS. Equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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 dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is presently 312.38%.

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.

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