Savvy Advisors Inc. Raises Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Savvy Advisors Inc. increased its position in AbbVie by 14.1%, acquiring an additional 2,508 shares, bringing total holdings to 20,236 shares valued at approximately $4.24 million.
• Several brokerages have recently revised price targets for AbbVie, with Cantor Fitzgerald setting a new target of $210.00 and Raymond James Financial increasing theirs to $236.00, indicating a consensus rating of "Moderate Buy".
• AbbVie also announced a quarterly dividend of $1.64 per share, yielding 3.3% annually, with a notable dividend payout ratio of 312.38%.

Savvy Advisors Inc. boosted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 14.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,236 shares of the company's stock after acquiring an additional 2,508 shares during the period. Savvy Advisors Inc.'s holdings in AbbVie were worth $4,240,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in shares of AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after buying an additional 3,064 shares in the last quarter. DRW Securities LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at approximately $798,000. F M Investments LLC lifted its stake in shares of AbbVie by 13.9% during the 4th quarter. F M Investments LLC now owns 59,371 shares of the company's stock valued at $10,550,000 after buying an additional 7,226 shares in the last quarter. Finally, Redwood Park Advisors LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at approximately $40,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business'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 sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is owned by insiders.

AbbVie Trading Down 0.4%

Shares of ABBV traded down $0.76 during trading hours on Friday, reaching $198.10. 4,101,321 shares of the company traded hands, compared to its average volume of 5,210,216. The company's fifty day moving average price is $189.65 and its two-hundred day moving average price is $191.21. The company has a market capitalization of $349.96 billion, a price-to-earnings ratio of 94.33, a price-to-earnings-growth ratio of 1.28 and a beta of 0.50. The company has a quick ratio of 0.64, a current ratio of 0.74 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 $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company 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 company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.65 EPS. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.3%. AbbVie's payout ratio is presently 312.38%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ABBV. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Cantor Fitzgerald started coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price on the stock. Bank of America increased their price target on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Evercore ISI raised their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Finally, Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.43.

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.