Strong Tower Advisory Services Raises Stock Position in AbbVie Inc. $ABBV

Key Points

• Strong Tower Advisory Services increased its stake in AbbVie Inc. by 14.6% during Q2, reaching a total of 14,173 shares valued at approximately $2.63 million.
• Multiple analysts have set new price targets for AbbVie, with HSBC proposing a target of $225.00 and Bank of America raising theirs from $220.00 to $251.00.
• AbbVie revealed a quarterly dividend of $1.64 per share, with a payout ratio of 312.38%, to be distributed to investors on November 14th.

Strong Tower Advisory Services boosted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 14.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,173 shares of the company's stock after purchasing an additional 1,805 shares during the quarter. Strong Tower Advisory Services' holdings in AbbVie were worth $2,631,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ABBV. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie in the 2nd quarter valued at $25,000. TD Capital Management LLC raised its position in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC purchased a new stake in AbbVie in the 1st quarter valued at $30,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie in the 1st quarter valued at $35,000. Finally, Bear Mountain Capital Inc. raised its position in AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company's stock worth $40,000 after buying an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on ABBV. HSBC set a $225.00 price objective on shares of AbbVie in a research report on Thursday, October 2nd. Cantor Fitzgerald set a $250.00 price objective on shares of AbbVie and gave the stock an "overweight" rating in a research report on Thursday. Bank of America upped their price objective on shares of AbbVie from $220.00 to $251.00 and gave the stock a "neutral" rating in a research report on Friday, October 3rd. Wall Street Zen downgraded shares of AbbVie from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Raymond James Financial restated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus price target of $231.90.

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated 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 directly 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 disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Stock Performance

NYSE:ABBV opened at $230.88 on Friday. 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 Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The stock has a market cap of $407.86 billion, a PE ratio of 109.94, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. The firm's fifty day simple moving average is $214.84 and its 200-day simple moving average is $196.79.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly 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 for the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the company earned $2.65 earnings per share. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend 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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