MBB Public Markets I LLC Acquires Shares of 1,501 AbbVie Inc. $ABBV

Key Points

• MBB Public Markets I LLC acquired 1,501 shares of AbbVie Inc., valued at approximately $314,000, during the first quarter.
• Insider transactions revealed that EVP Azita Saleki-Gerhardt sold over 42,000 shares, reducing her stake by 19.29%, while another EVP, Nicholas Donoghoe, decreased his ownership by 18.58% after selling over 13,000 shares.
• Analysts have raised AbbVie's target price, with Citigroup setting a target of $205.00 and Daiwa Capital Markets increasing it to $214.00, indicating positive sentiment towards the stock.

MBB Public Markets I LLC bought a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,501 shares of the company's stock, valued at approximately $314,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TD Capital Management LLC raised its stake in shares of AbbVie by 82.9% in 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 purchased a new stake in shares of AbbVie in the first quarter valued at $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie in the first quarter valued at $35,000. Pinney & Scofield Inc. purchased a new stake in shares of AbbVie in the fourth quarter valued at $36,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of AbbVie in the first quarter valued at $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated 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 completion of the sale, the executive vice president 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. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ABBV shares. Citigroup increased their target price on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Finally, Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Four analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Trading Up 0.3%

NYSE ABBV opened at $210.46 on Wednesday. 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 company has a market capitalization of $371.79 billion, a price-to-earnings ratio of 100.22, a price-to-earnings-growth ratio of 1.35 and a beta of 0.53. The company's 50-day simple moving average is $198.64 and its two-hundred day simple moving average is $194.25. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the business posted $2.65 EPS. Equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm 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 3.1%. AbbVie's dividend payout ratio (DPR) is 312.38%.

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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