Laffer Tengler Investments Inc. Purchases 1,657 Shares of AbbVie Inc. $ABBV

Key Points

• Laffer Tengler Investments Inc. has increased its position in AbbVie Inc. by 2.6%, acquiring an additional 1,657 shares, bringing its total holdings to 66,038 shares worth approximately $13.8 million.
• AbbVie Inc. recently reported earnings of $2.97 per share, missing estimates but showing a 6.6% year-over-year revenue increase to $15.42 billion.
• The company declared a quarterly dividend of $1.64, reflecting a yield of 3.1% and a significantly high dividend payout ratio of 312.38%.

Laffer Tengler Investments Inc. increased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,038 shares of the company's stock after acquiring an additional 1,657 shares during the period. AbbVie comprises 2.9% of Laffer Tengler Investments Inc.'s holdings, making the stock its 6th largest holding. Laffer Tengler Investments Inc.'s holdings in AbbVie were worth $13,836,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. Brighton Jones LLC boosted its position in AbbVie by 17.4% in the fourth 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 in the last quarter. 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 during the last quarter. Burling Wealth Partners LLC bought a new position in shares of AbbVie during the fourth quarter valued at $7,091,000. Integrated Wealth Concepts LLC raised its stake in shares of AbbVie by 5.8% during the fourth quarter. Integrated Wealth Concepts LLC now owns 54,559 shares of the company's stock valued at $9,695,000 after acquiring an additional 2,996 shares during the last quarter. Finally, Guardian Wealth Management Inc. raised its stake in shares of AbbVie by 1.1% during the fourth quarter. Guardian Wealth Management Inc. now owns 28,215 shares of the company's stock valued at $5,014,000 after acquiring an additional 305 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Trading Up 0.2%

ABBV opened at $209.5410 on Friday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. 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 company has a market cap of $370.17 billion, a P/E ratio of 99.78, a price-to-earnings-growth ratio of 1.34 and a beta of 0.50. The company has a fifty day moving average price of $192.45 and a two-hundred day moving average price of $192.81.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the firm posted $2.65 earnings per share. Analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were given a $1.64 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.1%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Analyst Upgrades and Downgrades

ABBV has been the subject of several analyst reports. BNP Paribas raised shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research note on Thursday, August 7th. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Raymond James Financial lifted their target price on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. 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 research note on Friday, August 1st. Five research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and an average price target of $214.95.

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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