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Novare Capital Management LLC Buys 1,362 Shares of AbbVie Inc. $ABBV

AbbVie logo with Medical background

Key Points

  • Novare Capital Management LLC increased its stake in AbbVie Inc. by 2.4% during Q2, owning 58,300 shares valued at about $10.82 million after purchasing an additional 1,362 shares.
  • In the latest quarter, AbbVie reported $15.42 billion in revenue, surpassing expectations and achieving a 6.6% year-over-year increase, although its EPS of $2.97 fell short of analyst estimates.
  • AbbVie announced a quarterly dividend of $1.64 per share, reflecting a 2.9% yield, with a payout ratio significantly exceeding 300%.
  • Five stocks to consider instead of AbbVie.

Novare Capital Management LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,300 shares of the company's stock after buying an additional 1,362 shares during the quarter. Novare Capital Management LLC's holdings in AbbVie were worth $10,822,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABBV. Brighton Jones LLC boosted its holdings in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC boosted its holdings in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares during the period. GAMMA Investing LLC boosted its holdings in shares of AbbVie by 23.8% during the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company's stock worth $10,235,000 after purchasing an additional 9,395 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in AbbVie by 5.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 536,450 shares of the company's stock worth $112,398,000 after buying an additional 25,385 shares during the period. Finally, Boston Trust Walden Corp lifted its holdings in AbbVie by 0.8% in the first quarter. Boston Trust Walden Corp now owns 25,800 shares of the company's stock worth $5,406,000 after buying an additional 195 shares during the period. 70.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on 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. The trade was a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 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 disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $229.66 on Friday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The firm has a market cap of $405.71 billion, a P/E ratio of 109.36, a PEG ratio of 1.41 and a beta of 0.51. The company has a 50 day moving average of $217.91 and a 200 day moving average of $197.60. 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 (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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same period last year, the firm posted $2.65 EPS. The company's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business 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 $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is 312.38%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a report on Thursday, August 7th. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Citigroup reiterated a "neutral" rating on shares of AbbVie in a report on Monday. Evercore ISI lifted their target price on shares of AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. Finally, UBS Group set a $251.00 target price on shares of AbbVie in a report on Friday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.05.

Check Out Our Latest Stock Analysis on AbbVie

About AbbVie

(Free Report)

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.

See Also

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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