Synergy Asset Management LLC Has $3.69 Million Holdings in AbbVie Inc. $ABBV

Key Points

• Synergy Asset Management LLC increased its holdings in AbbVie Inc. by 95.9% in Q2, amounting to $3.69 million worth of stock.
• AbbVie announced a quarterly dividend of $1.64 per share, resulting in an annualized yield of 2.8%.
• Analyst ratings for AbbVie are predominantly positive, with four analysts giving a Strong Buy rating, and a consensus price target of $223.52.

Synergy Asset Management LLC lifted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 95.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,897 shares of the company's stock after acquiring an additional 9,738 shares during the period. Synergy Asset Management LLC's holdings in AbbVie were worth $3,693,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of ABBV. Nuveen LLC acquired a new position in shares of AbbVie in the first quarter valued at about $1,819,154,000. Assenagon Asset Management S.A. grew its stake in AbbVie by 550.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock worth $804,116,000 after buying an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after buying an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in AbbVie during the second quarter worth about $581,817,000. Finally, Bessemer Group Inc. grew its stake in AbbVie by 147.6% during the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock worth $576,800,000 after buying an additional 1,641,091 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Down 3.0%

ABBV opened at $236.98 on Friday. The company's 50 day moving average is $209.90 and its 200-day moving average is $195.87. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market cap of $418.63 billion, a P/E ratio of 112.85, a PEG ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the business earned $2.65 earnings per share. The firm's quarterly revenue was up 6.6% on a year-over-year basis. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.8%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm'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 transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $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 owned by company insiders.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. Hsbc Global Res downgraded shares of AbbVie from a "strong-buy" rating to a "hold" rating in a research note on Wednesday. Cantor Fitzgerald increased their price objective 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. Morgan Stanley increased their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. BMO Capital Markets increased their price objective on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Finally, Berenberg Bank upgraded shares of 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 research note on Wednesday, September 17th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $223.52.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.