Linscomb Wealth Inc. Acquires 8,826 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• Linscomb Wealth Inc. increased its investment in AbbVie Inc. by 11.3% by acquiring an additional 8,826 shares, making AbbVie its 15th largest holding valued at approximately $18.28 million.
• Insider trading activity saw EVP Nicholas Donoghoe sell 13,295 shares at an average price of $198.51, indicating an 18.58% decrease in his ownership.
• AbbVie announced a quarterly dividend of $1.64 to be paid on August 15, which marks an annualized dividend yield of 3.3% despite a high payout ratio of 312.38%.

Linscomb Wealth Inc. raised its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 11.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 87,237 shares of the company's stock after purchasing an additional 8,826 shares during the period. AbbVie comprises 0.9% of Linscomb Wealth Inc.'s portfolio, making the stock its 15th biggest position. Linscomb Wealth Inc.'s holdings in AbbVie were worth $18,278,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Crestline Management LP raised its position in shares of AbbVie by 438.4% in the 4th quarter. Crestline Management LP now owns 35,311 shares of the company's stock worth $6,275,000 after acquiring an additional 28,753 shares in the last quarter. Narus Financial Partners LLC raised its position in shares of AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after acquiring an additional 401 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of AbbVie by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock worth $1,664,489,000 after acquiring an additional 108,993 shares in the last quarter. AXA S.A. raised its position in shares of AbbVie by 14.8% in the 4th quarter. AXA S.A. now owns 971,893 shares of the company's stock worth $172,705,000 after acquiring an additional 125,568 shares in the last quarter. Finally, Highland Capital Management LLC raised its position in shares of AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after acquiring an additional 2,792 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company's 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 owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by insiders.

AbbVie Stock Down 0.4%

Shares of ABBV stock opened at $198.10 on Friday. The stock's 50-day simple moving average is $189.65 and its 200-day simple moving average is $191.21. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.74. The firm has a market capitalization of $349.96 billion, a PE ratio of 94.33, a P/E/G ratio of 1.27 and a beta of 0.50. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the previous year, the company earned $2.65 EPS. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. Equities 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. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.3%. AbbVie's dividend payout ratio is presently 312.38%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Cantor Fitzgerald assumed coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. BNP Paribas upgraded AbbVie to a "hold" rating in a research note on Thursday, May 8th. Finally, Citigroup increased their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $214.43.

AbbVie 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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.