Signal Tree Financial Partners LLC Buys New Stake in AbbVie Inc. $ABBV

Key Points

• Signal Tree Financial Partners LLC acquired a new stake in AbbVie, purchasing 2,195 shares valued at approximately $407,000 during the second quarter.
• A recent insider transaction saw EVP Azita Saleki-Gerhardt sell 42,370 shares of AbbVie at an average price of $198.42, decreasing her ownership by 19.29%.
• AbbVie announced a quarterly dividend of $1.64 per share, with a payout ratio of 312.38%, indicating a focus on returning value to shareholders amidst fluctuations in stock prices.

Signal Tree Financial Partners LLC bought a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 2,195 shares of the company's stock, valued at approximately $407,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Retireful LLC grew its position in AbbVie by 14.4% in the 2nd quarter. Retireful LLC now owns 2,145 shares of the company's stock worth $398,000 after purchasing an additional 270 shares during the last quarter. Verum Partners LLC grew its position in AbbVie by 24.0% in the 2nd quarter. Verum Partners LLC now owns 3,465 shares of the company's stock worth $643,000 after purchasing an additional 670 shares during the last quarter. TD Private Client Wealth LLC grew its position in AbbVie by 1.5% in the 2nd quarter. TD Private Client Wealth LLC now owns 80,146 shares of the company's stock worth $14,877,000 after purchasing an additional 1,193 shares during the last quarter. Mather Group LLC. grew its position in AbbVie by 10.4% in the 2nd quarter. Mather Group LLC. now owns 33,531 shares of the company's stock worth $6,224,000 after purchasing an additional 3,153 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC grew its position in AbbVie by 11.0% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 76,253 shares of the company's stock worth $14,535,000 after purchasing an additional 7,536 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was 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 directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

AbbVie Trading Down 1.1%

Shares of ABBV stock opened at $220.11 on Thursday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $225.16. The company has a market capitalization of $388.84 billion, a P/E ratio of 104.81, a P/E/G ratio of 1.33 and a beta of 0.53. The firm has a 50-day moving average price of $205.07 and a 200 day moving average price of $195.21. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the firm posted $2.65 earnings per share. The company's revenue was up 6.6% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.0%. AbbVie's payout ratio is currently 312.38%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Berenberg Bank upgraded shares of AbbVie from a "hold" rating to a "buy" rating and raised their price target for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research report on Thursday, August 7th. Guggenheim raised their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Bank of America raised their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Four equities research 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. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and an average target price of $223.45.

AbbVie 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.

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