Strid Group LLC Takes $2.05 Million Position in AbbVie Inc. $ABBV

Key Points

• Strid Group LLC has taken a new position in AbbVie Inc., acquiring 11,020 shares valued at approximately $2.05 million, representing 0.3% of their investment portfolio.
• Equity analysts have optimistic forecasts for AbbVie, with Wells Fargo and JPMorgan raising their price targets significantly and the consensus rating currently categorized as a "Moderate Buy."
• AbbVie recently announced a quarterly dividend of $1.64 per share, with a significant payout ratio of 312.38%, reflecting its ongoing commitment to returning value to shareholders.

Strid Group LLC acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 11,020 shares of the company's stock, valued at approximately $2,046,000. AbbVie comprises approximately 0.3% of Strid Group LLC's investment portfolio, making the stock its 23rd biggest position.

Other institutional investors have also recently modified their holdings of the company. Marshall & Sullivan Inc. WA bought a new position in AbbVie during the 2nd quarter worth approximately $25,000. TD Capital Management LLC grew its position in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC bought a new position in AbbVie during the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie during the 1st quarter worth approximately $35,000. Finally, Inlight Wealth Management LLC bought a new position in AbbVie during the 1st quarter worth approximately $42,000. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wells Fargo & Company raised their price target on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, September 12th. HSBC set a $225.00 price objective on AbbVie in a report on Thursday. JPMorgan Chase & Co. increased their price objective on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a report on Saturday, September 27th. Finally, Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and increased their price objective for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, AbbVie currently has a consensus rating of "Moderate Buy" and an average target price of $228.22.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction 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 owned 177,292 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 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 position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Trading Down 1.1%

ABBV opened at $234.07 on Friday. The stock has a market cap of $413.49 billion, a PE ratio of 111.46, a PEG ratio of 1.37 and a beta of 0.51. 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 business has a 50 day moving average of $210.77 and a 200-day moving average of $195.90. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $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 business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders 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 yield of 2.8%. AbbVie's payout ratio is presently 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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