Mainstay Capital Management LLC ADV Grows Stake in AbbVie Inc. $ABBV

Mainstay Capital Management LLC ADV increased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 100.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,722 shares of the company's stock after purchasing an additional 1,361 shares during the quarter. Mainstay Capital Management LLC ADV's holdings in AbbVie were worth $505,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Edge Financial Advisors LLC grew its holdings in AbbVie by 2.3% during the 2nd quarter. Edge Financial Advisors LLC now owns 3,331 shares of the company's stock valued at $620,000 after buying an additional 75 shares in the last quarter. Leo Wealth LLC grew its holdings in AbbVie by 11.4% during the 2nd quarter. Leo Wealth LLC now owns 22,576 shares of the company's stock valued at $4,191,000 after buying an additional 2,313 shares in the last quarter. Armstrong Fleming & Moore Inc grew its holdings in AbbVie by 16.0% during the 2nd quarter. Armstrong Fleming & Moore Inc now owns 2,985 shares of the company's stock valued at $554,000 after buying an additional 411 shares in the last quarter. Tectonic Advisors LLC grew its holdings in AbbVie by 12.8% during the 2nd quarter. Tectonic Advisors LLC now owns 50,066 shares of the company's stock valued at $9,293,000 after buying an additional 5,662 shares in the last quarter. Finally, Fulton Breakefield Broenniman LLC grew its holdings in AbbVie by 0.3% during the 2nd quarter. Fulton Breakefield Broenniman LLC now owns 86,951 shares of the company's stock valued at $16,140,000 after buying an additional 289 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

Shares of ABBV stock opened at $231.26 on Thursday. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. 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 firm has a market capitalization of $408.53 billion, a P/E ratio of 110.12, a P/E/G ratio of 1.36 and a beta of 0.51. The stock has a 50 day moving average price of $213.28 and a 200 day moving average price of $196.43.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results 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 return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the business posted $2.65 earnings per share. AbbVie's revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced 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 of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie's payout ratio is 312.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ABBV shares. Bank of America raised their price target on AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a report on Friday, October 3rd. Guggenheim lifted their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a report on Thursday, August 7th. Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Finally, UBS Group set a $251.00 target price on AbbVie in a report on Friday, October 3rd. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $229.14.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

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.

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