Koss Olinger Consulting LLC Purchases Shares of 2,980 AbbVie Inc. (NYSE:ABBV)

Key Points

• Koss Olinger Consulting LLC has made a new investment in AbbVie Inc., acquiring 2,980 shares valued at approximately $624,000.
• AbbVie recently reported a quarterly earnings per share (EPS) of $2.97, missing expectations, but its revenue increased by 6.6% from the previous year, totaling $15.42 billion.
• The company is set to pay a quarterly dividend of $1.64 on August 15th, representing an annualized yield of 3.3% and a payout ratio of 312.38%.

Koss Olinger Consulting LLC bought a new position in AbbVie Inc. (NYSE:ABBV - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 2,980 shares of the company's stock, valued at approximately $624,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC boosted its position in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after buying an additional 3,401 shares during the period. Revolve Wealth Partners LLC raised its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after acquiring an additional 3,064 shares in the last quarter. Jaffetilchin Investment Partners LLC raised its stake in shares of AbbVie by 6.1% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 9,481 shares of the company's stock valued at $1,685,000 after acquiring an additional 543 shares in the last quarter. NFP Retirement Inc. raised its stake in shares of AbbVie by 10.6% during the fourth quarter. NFP Retirement Inc. now owns 3,908 shares of the company's stock valued at $694,000 after acquiring an additional 376 shares in the last quarter. Finally, Petros Family Wealth LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $573,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ABBV. Guggenheim lifted their target price on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Piper Sandler began coverage on AbbVie in a research report on Tuesday. They set an "overweight" rating and a $231.00 target price for the company. Cantor Fitzgerald began coverage on AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price for the company. Raymond James Financial lifted their target price on AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $214.95.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's 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 sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.08% of the company's stock.

AbbVie Stock Performance

Shares of ABBV traded down $0.08 during mid-day trading on Tuesday, reaching $198.56. 3,047,496 shares of the company's stock were exchanged, compared to its average volume of 6,759,900. The business's fifty day simple moving average is $190.11 and its 200-day simple moving average is $191.60. The stock has a market capitalization of $350.77 billion, a PE ratio of 94.55, a price-to-earnings-growth ratio of 1.27 and a beta of 0.50. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. 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 results 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). The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business's revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.65 EPS. On average, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.3%. AbbVie's dividend payout ratio (DPR) is 312.38%.

AbbVie Company 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.