Stokes Capital Advisors LLC Increases Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Stokes Capital Advisors LLC increased its holdings in AbbVie Inc. by 3.7% during the second quarter, now owning 38,119 shares valued at approximately $7.1 million.
• AbbVie reported a missed earnings estimate of $2.97 per share, falling short of analysts' expectations of $3.24, despite revenues of $15.42 billion for the quarter.
• The company declared a quarterly dividend of $1.64 per share, with a 3.0% yield, set to be paid on November 14th.

Stokes Capital Advisors LLC increased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,119 shares of the company's stock after acquiring an additional 1,349 shares during the quarter. AbbVie comprises approximately 1.7% of Stokes Capital Advisors LLC's portfolio, making the stock its 24th biggest position. Stokes Capital Advisors LLC's holdings in AbbVie were worth $7,076,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pines Wealth Management LLC lifted its position in AbbVie by 14.8% during the second quarter. Pines Wealth Management LLC now owns 6,633 shares of the company's stock valued at $1,255,000 after buying an additional 853 shares during the period. Chesley Taft & Associates LLC lifted its position in AbbVie by 1.1% during the second quarter. Chesley Taft & Associates LLC now owns 21,082 shares of the company's stock valued at $3,913,000 after buying an additional 234 shares during the period. Sunpointe LLC lifted its position in AbbVie by 4.8% during the second quarter. Sunpointe LLC now owns 4,046 shares of the company's stock valued at $751,000 after buying an additional 187 shares during the period. Pallas Capital Advisors LLC lifted its position in AbbVie by 2.4% during the second quarter. Pallas Capital Advisors LLC now owns 31,309 shares of the company's stock valued at $5,812,000 after buying an additional 739 shares during the period. Finally, GSG Advisors LLC purchased a new position in AbbVie during the second quarter valued at $219,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent research reports. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. 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 note on Thursday, August 7th. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Finally, Cantor Fitzgerald raised their price target on shares of AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average price target of $220.43.

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company'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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 $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. 0.08% of the stock is owned by corporate insiders.

AbbVie Trading Down 0.6%

Shares of NYSE:ABBV opened at $216.27 on Wednesday. The stock has a 50 day moving average of $201.39 and a 200 day moving average of $194.66. The company has a market cap of $382.05 billion, a PE ratio of 102.99, a price-to-earnings-growth ratio of 1.40 and a beta of 0.53. The company has a current ratio of 0.74, a quick ratio of 0.61 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 $221.76.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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 company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. The company's revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued 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 yield of 3.0%. AbbVie's payout ratio is currently 312.38%.

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.

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