Maridea Wealth Management LLC Purchases New Shares in AbbVie Inc. $ABBV

Key Points

• Maridea Wealth Management LLC acquired 1,461 shares of AbbVie Inc., valued at approximately $271,000, during the second quarter as part of a 13F filing with the SEC.
• AbbVie reported a quarterly earnings miss with $2.97 EPS, compared to analysts' estimates of $3.24, though revenue increased to $15.42 billion.
• The company announced a quarterly dividend of $1.64 per share, resulting in an annualized yield of 3.0%, with a payout ratio of 312.38%.

Maridea Wealth Management LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,461 shares of the company's stock, valued at approximately $271,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of ABBV. Marshall & Sullivan Inc. WA bought a new position in AbbVie in the 2nd quarter valued at $25,000. TD Capital Management LLC grew its position in AbbVie by 82.9% in the 1st 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 last quarter. Abound Financial LLC bought a new position in AbbVie in the 1st quarter valued at $30,000. Siemens Fonds Invest GmbH grew its position in AbbVie by 197.6% in the 4th 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 last quarter. Finally, Cypress Capital Management LLC WY bought a new position in AbbVie in the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

Shares of ABBV stock opened at $218.23 on Friday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $225.16. The stock's 50-day moving average is $205.61 and its 200 day moving average is $195.22. The company has a market cap of $385.52 billion, a P/E ratio of 103.92, a PEG ratio of 1.31 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share 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 the consensus estimate of $14.93 billion. During the same period in the previous year, the business earned $2.65 EPS. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors 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 3.0%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insider Transactions at AbbVie

In other AbbVie news, 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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president 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. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on ABBV. Morgan Stanley upped their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Cantor Fitzgerald upped their price objective on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday, September 15th. Guggenheim raised 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. BMO Capital Markets raised their price target on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday, September 12th. Finally, Citigroup raised their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target 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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