McKinley Carter Wealth Services Inc. Raises Stake in AbbVie Inc. $ABBV

Key Points

• McKinley Carter Wealth Services Inc. increased its stake in AbbVie Inc. by 9.4% during the 2nd quarter, bringing its total holdings to 24,102 shares valued at approximately $4.47 million.
• Analysts have raised their price targets for AbbVie, with Bank of America setting a new target of $251 and Wells Fargo increasing it to $260, while four analysts rated the stock as a Strong Buy.
• AbbVie announced a quarterly dividend of $1.64 per share, reflecting an annualized yield of 2.8%, with a payout ratio of 312.38%.

McKinley Carter Wealth Services Inc. raised its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 9.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,102 shares of the company's stock after purchasing an additional 2,076 shares during the quarter. McKinley Carter Wealth Services Inc.'s holdings in AbbVie were worth $4,474,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. TD Capital Management LLC lifted 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 purchasing an additional 58 shares in the last quarter. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie during the second quarter valued at approximately $25,000. Abound Financial LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $30,000. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the first quarter valued at approximately $35,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Bank of America lifted their price objective on shares of AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a research report on Friday, October 3rd. Wells Fargo & Company lifted their price objective on shares of AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, September 12th. JPMorgan Chase & Co. lifted their price objective on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research report on Thursday, August 7th. Finally, HSBC set a $225.00 price target on shares of AbbVie in a research report on Thursday, October 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $229.38.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction 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 disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

AbbVie Trading Down 0.1%

ABBV stock opened at $231.03 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The stock has a market capitalization of $408.13 billion, a price-to-earnings ratio of 110.01, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. The firm's fifty day simple moving average is $214.12 and its two-hundred day simple moving average is $196.58.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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 firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter last year, the firm earned $2.65 EPS. The company's revenue was up 6.6% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company 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 2.8%. AbbVie's payout ratio 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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