MAI Capital Management Acquires 19,745 Shares of AbbVie Inc. $ABBV

Key Points

• MAI Capital Management increased its holdings in AbbVie Inc. by 4.0%, owning 519,438 shares valued at approximately $108.83 million as of the latest SEC filing.
• AbbVie recently reported earnings of $2.97 per share, missing analyst estimates, but generated revenue of $15.42 billion, exceeding expectations and reflecting a year-over-year growth of 6.6%.
• Institutional investors currently hold 70.23% of AbbVie's stock, indicating strong interest and participation from major stakeholders in the company.

MAI Capital Management increased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 519,438 shares of the company's stock after purchasing an additional 19,745 shares during the period. AbbVie makes up 0.8% of MAI Capital Management's investment portfolio, making the stock its 24th biggest holding. MAI Capital Management's holdings in AbbVie were worth $108,833,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ABBV. TD Capital Management LLC boosted its holdings in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC bought a new stake in AbbVie during the first quarter valued at about $30,000. Siemens Fonds Invest GmbH boosted 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 valued at $32,000 after acquiring an additional 119,141 shares during the period. Cypress Capital Management LLC WY bought a new stake in AbbVie during the first quarter valued at about $35,000. Finally, Pinney & Scofield Inc. bought a new stake in AbbVie during the fourth quarter valued at about $36,000. 70.23% of the stock is currently owned by institutional investors.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ABBV shares. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Piper Sandler started coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective for the company. Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Bank of America upped their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Finally, BNP Paribas raised shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Four analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Price Performance

AbbVie stock traded down $0.33 during trading hours on Wednesday, hitting $211.59. 3,973,459 shares of the stock were exchanged, compared to its average volume of 6,550,117. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a market capitalization of $373.79 billion, a P/E ratio of 100.76, a P/E/G ratio of 1.35 and a beta of 0.53. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The business's 50-day moving average is $196.10 and its two-hundred day moving average is $193.78.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results 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 company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period last year, the company earned $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's dividend payout ratio is 312.38%.

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.