Phoenix Financial Ltd. Purchases 2,152 Shares of AbbVie Inc. $ABBV

Key Points

• Phoenix Financial Ltd. increased its holdings in AbbVie Inc. by 8.4% in Q2 and now owns a total of 27,736 shares valued at approximately $5.1 million.
• AbbVie reported $2.97 earnings per share for the last quarter, falling short of analysts' expectations, but revenue increased by 6.6% year-over-year.
• The company declared a quarterly dividend of $1.64 to be paid on November 14th, reflecting a 2.8% yield and a high dividend payout ratio of 312.38%.

Phoenix Financial Ltd. boosted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 8.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,736 shares of the company's stock after purchasing an additional 2,152 shares during the quarter. Phoenix Financial Ltd.'s holdings in AbbVie were worth $5,146,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Drive Wealth Management LLC raised its holdings in AbbVie by 2.2% in the second quarter. Drive Wealth Management LLC now owns 6,414 shares of the company's stock worth $1,191,000 after purchasing an additional 138 shares in the last quarter. Canvas Wealth Advisors LLC raised its holdings in AbbVie by 5.5% in the second quarter. Canvas Wealth Advisors LLC now owns 2,482 shares of the company's stock worth $468,000 after purchasing an additional 129 shares in the last quarter. Princeton Global Asset Management LLC raised its holdings in AbbVie by 0.7% in the second quarter. Princeton Global Asset Management LLC now owns 28,991 shares of the company's stock worth $5,381,000 after purchasing an additional 213 shares in the last quarter. Schnieders Capital Management LLC raised its holdings in AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC now owns 16,466 shares of the company's stock worth $3,056,000 after purchasing an additional 789 shares in the last quarter. Finally, Townsend & Associates Inc bought a new position in AbbVie in the second quarter worth about $2,225,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $232.07 on Tuesday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company's 50 day moving average is $218.58 and its 200 day moving average is $197.84. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market cap of $409.97 billion, a PE ratio of 110.51, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the company posted $2.65 EPS. AbbVie's quarterly revenue was up 6.6% compared to the same quarter last year. On average, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on 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 sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Evercore ISI boosted their target price on shares of AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Erste Group Bank downgraded shares of AbbVie from a "buy" rating to a "hold" rating in a report on Tuesday, October 14th. Raymond James Financial restated an "outperform" rating and set a $250.00 price objective (up previously from $236.00) on shares of AbbVie in a report on Friday. Morgan Stanley upped their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Guggenheim set a $242.00 price objective on shares of AbbVie in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and an average target price of $234.80.

AbbVie Company 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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.