3,134,454 Shares in AbbVie Inc. $ABBV Acquired by Kingstone Capital Partners Texas LLC

Key Points

• Kingstone Capital Partners Texas LLC invested approximately $581.82 million in AbbVie Inc., acquiring over 3.1 million shares, which represent 0.18% of the company.
• Several investment analysts have upgraded AbbVie from "hold" to "buy" ratings, significantly increasing their target prices, with Berenberg Bank setting a new target of $270.00.
• AbbVie recently announced a quarterly dividend of $1.64 per share, resulting in an annual yield of 3.0% despite a high payout ratio of 312.38%.

Kingstone Capital Partners Texas LLC bought a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,134,454 shares of the company's stock, valued at approximately $581,817,000. Kingstone Capital Partners Texas LLC owned about 0.18% of AbbVie as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. IFM Investors Pty Ltd increased its holdings in shares of AbbVie by 3.6% in the second quarter. IFM Investors Pty Ltd now owns 346,697 shares of the company's stock valued at $64,354,000 after purchasing an additional 12,093 shares during the last quarter. Anderson Hoagland & Co. lifted its holdings in AbbVie by 2.5% during the 2nd quarter. Anderson Hoagland & Co. now owns 2,494 shares of the company's stock worth $463,000 after buying an additional 60 shares during the last quarter. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of AbbVie during the second quarter worth about $456,000. Kozak & Associates Inc. raised its stake in AbbVie by 164.4% during the 2nd quarter. Kozak & Associates Inc. now owns 4,849 shares of the company's stock valued at $924,000 after acquiring an additional 3,015 shares during the last quarter. Finally, Charter Oak Capital Management LLC raised its stake in shares of AbbVie by 1.6% during the 2nd quarter. Charter Oak Capital Management LLC now owns 8,671 shares of the company's stock worth $1,609,000 after buying an additional 134 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Buying and Selling

In related news, 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 value of $8,407,055.40. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

AbbVie Price Performance

ABBV stock traded up $1.77 during midday trading on Monday, reaching $224.24. The company had a trading volume of 2,391,736 shares, compared to its average volume of 6,459,258. 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 Inc. has a 1 year low of $163.81 and a 1 year high of $225.16. The company has a market capitalization of $396.13 billion, a P/E ratio of 106.78, a P/E/G ratio of 1.33 and a beta of 0.53. The firm has a 50-day moving average price of $203.12 and a 200-day moving average price of $194.78.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $14.93 billion. During the same period last year, the company posted $2.65 EPS. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ABBV shares. Guggenheim lifted their target price on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Piper Sandler initiated coverage on AbbVie in a research report on Tuesday, August 12th. They set 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 target on the stock in a research report on Thursday, August 7th. BMO Capital Markets raised their price target 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. Finally, Morgan Stanley lifted their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.