Shell Asset Management Co. Purchases 15,438 Shares of AbbVie Inc. $ABBV

Key Points

• Shell Asset Management Co. has increased its stake in AbbVie Inc. by 43.3%, acquiring an additional 15,438 shares, bringing its total holdings to 51,080 shares worth approximately $9.48 million.
• AbbVie reported a Q2 EPS of $2.97, missing analyst expectations of $3.24, while its revenue exceeded expectations at $15.42 billion compared to a consensus estimate of $14.93 billion.
• The company will pay a quarterly dividend of $1.64 per share on November 14th, representing an annualized yield of 2.8%, despite a high payout ratio of 312.38%.

Shell Asset Management Co. grew its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 43.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 51,080 shares of the company's stock after acquiring an additional 15,438 shares during the quarter. Shell Asset Management Co.'s holdings in AbbVie were worth $9,481,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Brighton Jones LLC lifted its holdings in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC increased its position in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after buying an additional 3,064 shares during the last quarter. Patriot Financial Group Insurance Agency LLC increased its position in AbbVie by 12.2% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 4,441 shares of the company's stock worth $930,000 after buying an additional 484 shares during the last quarter. Priebe Wealth Holdings LLC grew its position in shares of AbbVie by 6.5% in the first quarter. Priebe Wealth Holdings LLC now owns 3,286 shares of the company's stock valued at $688,000 after purchasing an additional 200 shares in the last quarter. Finally, Single Point Partners LLC purchased a new position in shares of AbbVie in the first quarter valued at $222,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Trading Down 1.6%

ABBV opened at $230.28 on Tuesday. The stock's 50 day moving average price is $211.61 and its 200-day moving average price is $195.93. The stock has a market cap of $406.80 billion, a price-to-earnings ratio of 109.66, a P/E/G ratio of 1.37 and a beta of 0.51. 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 Inc. has a one year low of $163.81 and a one year high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business 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 company earned $2.65 EPS. The business's revenue was up 6.6% compared to the same quarter last year. On average, equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business'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 value 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 $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business'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 transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research analyst reports. Cantor Fitzgerald lifted their price objective on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Piper Sandler began coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target on the stock. Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Guggenheim upped their price target on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $229.14.

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.

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.