Oliver Lagore Vanvalin Investment Group Makes New Investment in AbbVie Inc. $ABBV

Key Points

• The Oliver Lagore Vanvalin Investment Group made a new investment of approximately $456,000 in AbbVie Inc., acquiring 2,454 shares of the company.
• AbbVie recently declared a quarterly dividend of $1.64 per share, which translates to a dividend yield of 3.0% and a high payout ratio of 312.38%.
• Despite missing earnings expectations with an EPS of $2.97, AbbVie's revenue increased by 6.6% year-over-year, amounting to $15.42 billion for the quarter.

Oliver Lagore Vanvalin Investment Group acquired a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,454 shares of the company's stock, valued at approximately $456,000.

Other institutional investors have also made changes to their positions in the company. First Hawaiian Bank raised its stake in shares of AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock valued at $1,403,000 after acquiring an additional 60 shares in the last quarter. Narus Financial Partners LLC increased its position in AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after buying an additional 401 shares during the period. Highland Capital Management LLC increased its position in AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after buying an additional 2,792 shares during the period. Weaver Capital Management LLC increased its position in AbbVie by 3.9% in the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after buying an additional 310 shares during the period. Finally, North Star Asset Management Inc. increased its position in AbbVie by 0.5% in the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock worth $33,800,000 after buying an additional 756 shares during the period. 70.23% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value 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 trade represents a 18.58% 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.

Analysts Set New Price Targets

Several research analysts have commented on the company. BMO Capital Markets lifted their price target on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Guggenheim lifted their price target on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Piper Sandler assumed coverage on AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target on the stock. Raymond James Financial reaffirmed an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Finally, Bank of America lifted their price target on AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $223.45.

AbbVie Stock Performance

Shares of NYSE:ABBV traded up $0.62 during trading on Monday, hitting $223.09. 5,989,926 shares of the stock were exchanged, compared to its average volume of 4,689,837. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $225.16. The company has a market capitalization of $394.09 billion, a price-to-earnings ratio of 106.23, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53. The company's fifty day simple moving average is $203.75 and its 200-day simple moving average is $194.84. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

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

AbbVie Dividend Announcement

The business also recently declared 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 is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

About AbbVie

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.