Mirador Capital Partners LP Acquires 5,667 Shares of AbbVie Inc. $ABBV

Key Points

• Mirador Capital Partners LP increased its holdings in AbbVie Inc. by 10.4%, acquiring an additional 5,667 shares, bringing its total to 60,391 shares valued at approximately $11.21 million.
• AbbVie recently announced a quarterly dividend of $1.64 per share, set to be paid on November 14th, representing an annualized yield of 3.0%.
• Analysts have given AbbVie a consensus rating of "Moderate Buy" with an average price target of $220.43, while Guggenheim recently raised its price objective for the stock to $227.00.

Mirador Capital Partners LP raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 10.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 60,391 shares of the company's stock after purchasing an additional 5,667 shares during the period. AbbVie makes up about 1.8% of Mirador Capital Partners LP's portfolio, making the stock its 14th largest holding. Mirador Capital Partners LP's holdings in AbbVie were worth $11,210,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Narus Financial Partners LLC lifted its holdings in shares of AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after acquiring an additional 401 shares during the period. Highland Capital Management LLC lifted its stake in AbbVie by 6.3% during the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after purchasing an additional 2,792 shares during the last quarter. Weaver Capital Management LLC lifted its stake in AbbVie by 3.9% during the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after purchasing an additional 310 shares during the last quarter. North Star Asset Management Inc. lifted its stake in AbbVie by 0.5% during the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock worth $33,800,000 after purchasing an additional 756 shares during the last quarter. Finally, Alpine Bank Wealth Management bought a new stake in shares of AbbVie during the 1st quarter worth $3,879,000. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ABBV has been the subject of several recent analyst reports. Guggenheim upped their price objective on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research note on Thursday, August 7th. Finally, 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. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $220.43.

AbbVie Price Performance

Shares of ABBV opened at $216.27 on Wednesday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $221.76. 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 company has a market capitalization of $382.05 billion, a price-to-earnings ratio of 102.99, a price-to-earnings-growth ratio of 1.40 and a beta of 0.53. The business has a 50-day moving average of $201.39 and a 200-day moving average of $194.66.

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 return on equity of 699.66% and a net margin of 6.45%.The company 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 business earned $2.65 earnings per share. AbbVie's revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 completion of the transaction, 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. 0.08% of the stock is owned by company insiders.

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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