Mainsail Financial Group LLC Invests $210,000 in AbbVie Inc. $ABBV

Key Points

• Mainsail Financial Group LLC invested approximately $210,000 in AbbVie Inc. by acquiring 1,127 shares of its stock.
• AbbVie announced a quarterly dividend of $1.64 per share, with an annualized yield of 2.9%, to be paid on November 14th.
• Recent analyst ratings showed increased price targets for AbbVie, with JPMorgan Chase raising it to $235.00 and giving an "overweight" rating.

Mainsail Financial Group LLC acquired a new position in AbbVie Inc. (NYSE:ABBV - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,127 shares of the company's stock, valued at approximately $210,000.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of AbbVie by 0.5% in the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock worth $36,439,271,000 after acquiring an additional 845,787 shares during the period. Northern Trust Corp boosted its stake in shares of AbbVie by 0.9% in the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock worth $4,612,357,000 after acquiring an additional 189,294 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after acquiring an additional 3,519,187 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of AbbVie by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock worth $2,675,959,000 after acquiring an additional 713,148 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in AbbVie by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company's stock valued at $1,972,050,000 after buying an additional 45,871 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm'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 completion of the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

AbbVie Trading Up 1.1%

Shares of ABBV stock opened at $222.93 on Tuesday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $225.16. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The stock's 50 day simple moving average is $207.00 and its two-hundred day simple moving average is $195.12. The company has a market cap of $393.82 billion, a PE ratio of 106.16, a price-to-earnings-growth ratio of 1.29 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $14.93 billion. During the same quarter last year, the company earned $2.65 earnings per share. The company's revenue for the quarter was up 6.6% on a year-over-year basis. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie's dividend payout ratio is 312.38%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ABBV. Evercore ISI increased their price target on AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Guggenheim increased their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Finally, Bank of America increased their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $223.45.

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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