Sather Financial Group Inc Purchases New Position in AbbVie Inc. $ABBV

Key Points

• Sather Financial Group Inc has acquired a new position in AbbVie Inc., purchasing 2,762 shares valued at approximately $513,000 during the second quarter.
• AbbVie recently reported a quarterly earnings per share (EPS) of $2.97, which fell short of the consensus estimate of $3.24, even though revenue increased by 6.6% year-over-year.
• The company declared a quarterly dividend of $1.64 to be paid on November 14th, with the dividend payout ratio currently at 312.38% and an annual yield of 2.8%.

Sather Financial Group Inc purchased a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,762 shares of the company's stock, valued at approximately $513,000.

A number of other institutional investors have also recently bought and sold shares of ABBV. Nuveen LLC bought a new stake in AbbVie in the 1st quarter valued at about $1,819,154,000. Assenagon Asset Management S.A. boosted its holdings in AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock valued at $804,116,000 after purchasing an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. boosted its holdings in AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC bought a new stake in AbbVie in the 2nd quarter valued at about $581,817,000. Finally, Bessemer Group Inc. boosted its holdings in AbbVie by 147.6% in the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock valued at $576,800,000 after purchasing an additional 1,641,091 shares during the period. Institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $230.88 on Friday. The company has a market cap of $407.86 billion, a price-to-earnings ratio of 109.94, a PEG ratio of 1.35 and a beta of 0.51. 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 firm has a 50 day simple moving average of $214.84 and a 200 day simple moving average of $196.76. AbbVie Inc. has a one year low of $163.81 and a one year 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 company had revenue of $15.42 billion during 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%. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.65 EPS. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on 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 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 ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent research reports. Weiss Ratings reissued a "hold (c)" rating on shares of AbbVie in a report on Wednesday. Berenberg Bank upgraded shares of AbbVie from a "hold" rating to a "buy" rating and increased their price target for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. HSBC set a $225.00 price objective on shares of AbbVie in a research report on Thursday, October 2nd. Guggenheim upped their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $231.90.

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.

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