Huntleigh Advisors Inc. Grows Stock Position in AbbVie Inc. $ABBV

Key Points

• Huntleigh Advisors Inc. increased its holdings in AbbVie Inc. by 36.5% during the second quarter, now owning 12,381 shares valued at approximately $2.3 million.
• AbbVie reported a missed earnings estimate in its latest quarterly earnings, posting $2.97 EPS compared to the expected $3.24, but achieved revenue of $15.42 billion.
• The company declared a quarterly dividend of $1.64 per share, representing an annualized dividend yield of 2.9%, with an upcoming payment date of November 14th.

Huntleigh Advisors Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 36.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,381 shares of the company's stock after buying an additional 3,313 shares during the quarter. Huntleigh Advisors Inc.'s holdings in AbbVie were worth $2,298,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Kanawha Capital Management LLC raised its stake in AbbVie by 0.3% in the second quarter. Kanawha Capital Management LLC now owns 144,470 shares of the company's stock valued at $26,817,000 after buying an additional 465 shares during the last quarter. Hartline Investment Corp raised its stake in shares of AbbVie by 13.0% in the second quarter. Hartline Investment Corp now owns 9,826 shares of the company's stock worth $1,824,000 after purchasing an additional 1,128 shares during the last quarter. Chevy Chase Trust Holdings LLC raised its stake in shares of AbbVie by 0.5% in the second quarter. Chevy Chase Trust Holdings LLC now owns 962,268 shares of the company's stock worth $178,616,000 after purchasing an additional 4,990 shares during the last quarter. Arista Wealth Management LLC purchased a new position in shares of AbbVie in the second quarter worth about $2,139,000. Finally, Stratos Wealth Partners LTD. raised its stake in shares of AbbVie by 3.0% in the second quarter. Stratos Wealth Partners LTD. now owns 167,920 shares of the company's stock worth $31,169,000 after purchasing an additional 4,820 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Up 1.2%

AbbVie stock opened at $229.66 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The business's 50-day moving average price is $217.91 and its 200 day moving average price is $197.60. The firm has a market cap of $405.71 billion, a price-to-earnings ratio of 109.36, a price-to-earnings-growth ratio of 1.41 and a beta of 0.51.

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 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 business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the business posted $2.65 earnings per share. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ABBV. JPMorgan Chase & Co. raised their price objective on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Wall Street Zen cut AbbVie from a "buy" rating to a "hold" rating in a research note on Saturday, October 11th. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Piper Sandler raised their price objective on AbbVie from $231.00 to $284.00 and gave the stock an "overweight" rating in a research note on Friday, October 10th. Finally, Wells Fargo & Company raised their price objective on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, September 12th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $234.05.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm'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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value 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 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. 0.25% of the stock is currently owned by company insiders.

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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