AbbVie Inc. $ABBV Shares Bought by Logan Capital Management Inc.

Key Points

• Logan Capital Management Inc. increased its holdings in AbbVie Inc. by 4.1%, buying an additional 4,465 shares, bringing its total to 114,103 shares valued at approximately $23.9 million.
• Recent insider transactions included the sale of 13,295 shares by EVP Nicholas Donoghoe and 42,370 shares by EVP Azita Saleki-Gerhardt, resulting in significant decreases in their ownership percentages.
• AbbVie has received multiple positive ratings from analysts, with **Guggenheim** raising its price target from $216 to **$227**, indicating strong investor confidence in the company's growth prospects.

Logan Capital Management Inc. increased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 114,103 shares of the company's stock after purchasing an additional 4,465 shares during the quarter. AbbVie makes up about 1.1% of Logan Capital Management Inc.'s portfolio, making the stock its 18th biggest position. Logan Capital Management Inc.'s holdings in AbbVie were worth $23,907,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. TD Capital Management LLC grew its stake in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC purchased a new stake in AbbVie during the first quarter worth $30,000. Siemens Fonds Invest GmbH lifted its holdings in AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares during the period. Cypress Capital Management LLC WY purchased a new stake in AbbVie during the first quarter worth $35,000. Finally, Pinney & Scofield Inc. purchased a new stake in AbbVie during the fourth quarter worth $36,000. Institutional investors own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ABBV shares. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Piper Sandler started coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price for the company. Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Citigroup upped their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Stock Up 4.0%

Shares of ABBV traded up $8.45 during midday trading on Thursday, hitting $220.09. 7,647,202 shares of the company's stock traded hands, compared to its average volume of 6,489,339. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $221.77. The firm's fifty day moving average is $199.67 and its 200-day moving average is $194.48. 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 stock has a market capitalization of $388.80 billion, a price-to-earnings ratio of 104.81, a price-to-earnings-growth ratio of 1.35 and a beta of 0.53.

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 for the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the prior year, the company posted $2.65 EPS. The business'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 company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the 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 directly 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 disclosure for this sale can be found here. 0.25% of the stock is owned by corporate 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.