Skyline Advisors Inc. Makes New Investment in AbbVie Inc. $ABBV

Key Points

• Skyline Advisors Inc. has invested approximately $209,000 in AbbVie Inc., acquiring 1,125 shares during the second quarter.
• AbbVie declared a quarterly dividend of $1.64 per share, yielding 3.0%, with a dividend payout ratio of 312.38%.
• Several brokerages have recently upgraded their ratings on AbbVie, with price targets now ranging from $214.00 to $270.00.

Skyline Advisors Inc. purchased a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,125 shares of the company's stock, valued at approximately $209,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Brighton Jones LLC raised its position in shares of AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC raised its position in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after acquiring an additional 3,064 shares in the last quarter. Retirement Planning Group LLC raised its position in shares of AbbVie by 4.2% in the 4th quarter. Retirement Planning Group LLC now owns 2,714 shares of the company's stock worth $482,000 after acquiring an additional 109 shares in the last quarter. Pinney & Scofield Inc. bought a new position in shares of AbbVie in the 4th quarter worth about $36,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of AbbVie in the 4th quarter worth about $7,687,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

ABBV traded up $0.62 during mid-day trading on Monday, reaching $223.09. 5,989,926 shares of the company traded hands, compared to its average volume of 6,480,546. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $225.16. The company's fifty day moving average price is $203.75 and its 200-day moving average price is $194.84. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $394.09 billion, a P/E ratio of 106.23, a P/E/G ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the previous year, the firm earned $2.65 EPS. The company's revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. AbbVie's payout ratio is 312.38%.

Wall Street Analyst Weigh In

ABBV has been the subject of several research reports. Cantor Fitzgerald increased their price target on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Piper Sandler began coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target on the stock. Citigroup upped their price target on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. 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. Finally, Wells Fargo & Company upped their price target on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $223.45.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

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.