Morningstar Investment Management LLC Invests $364,000 in AbbVie Inc. $ABBV

Key Points

• Morningstar Investment Management LLC has invested approximately $364,000 in AbbVie Inc. by purchasing 1,959 shares during the 2nd quarter.
• Several other institutional investors have increased their holdings in AbbVie, with institutional ownership now at 70.23% of the company's stock.
• AbbVie recently announced a quarterly dividend of $1.64 per share, with a dividend yield of 2.9%, scheduled for payment on November 14th.

Morningstar Investment Management LLC purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,959 shares of the company's stock, valued at approximately $364,000.

Several other institutional investors have also recently made changes to their positions in the company. RFG Advisory LLC grew its position in AbbVie by 6.2% in the second quarter. RFG Advisory LLC now owns 40,824 shares of the company's stock worth $7,578,000 after acquiring an additional 2,380 shares in the last quarter. Axxcess Wealth Management LLC grew its position in AbbVie by 3.1% in the second quarter. Axxcess Wealth Management LLC now owns 71,109 shares of the company's stock worth $13,199,000 after acquiring an additional 2,122 shares in the last quarter. Jag Capital Management LLC grew its position in AbbVie by 21.0% in the second quarter. Jag Capital Management LLC now owns 1,256 shares of the company's stock worth $233,000 after acquiring an additional 218 shares in the last quarter. Alpine Woods Capital Investors LLC grew its position in AbbVie by 1.8% in the second quarter. Alpine Woods Capital Investors LLC now owns 35,403 shares of the company's stock worth $6,572,000 after acquiring an additional 642 shares in the last quarter. Finally, Cornerstone Wealth Group LLC grew its position in AbbVie by 2.4% in the second quarter. Cornerstone Wealth Group LLC now owns 67,304 shares of the company's stock worth $12,493,000 after acquiring an additional 1,571 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company'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 transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated 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 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. Corporate insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

ABBV has been the subject of several research reports. Bank of America upped their target price on shares of AbbVie from $220.00 to $251.00 and gave the stock a "neutral" rating in a research report on Friday, October 3rd. BMO Capital Markets upped their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. UBS Group set a $251.00 price target on shares of AbbVie in a research report on Friday, October 3rd. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Finally, Guggenheim upped their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $231.90.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $229.19 on Wednesday. The company has a market cap of $404.88 billion, a price-to-earnings ratio of 109.14, a price-to-earnings-growth ratio of 1.47 and a beta of 0.51. The company has a 50-day moving average price of $216.12 and a 200-day moving average price of $197.12. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81.

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

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend 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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