Texas Capital Bank Wealth Management Services Inc increased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 19.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,772 shares of the company's stock after buying an additional 1,251 shares during the quarter. Texas Capital Bank Wealth Management Services Inc's holdings in AbbVie were worth $1,628,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in ABBV. Brighton Jones LLC raised its stake in AbbVie by 17.4% during 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 during the period. Revolve Wealth Partners LLC raised its stake in AbbVie by 72.7% during 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 during the period. Transce3nd LLC bought a new stake in AbbVie during the 4th quarter worth approximately $159,000. TD Waterhouse Canada Inc. raised its stake in AbbVie by 8.0% during the 4th quarter. TD Waterhouse Canada Inc. now owns 55,598 shares of the company's stock worth $9,885,000 after acquiring an additional 4,133 shares during the period. Finally, Wealth Dimensions Group Ltd. raised its stake in AbbVie by 24.4% during the 4th quarter. Wealth Dimensions Group Ltd. now owns 5,738 shares of the company's stock worth $1,020,000 after acquiring an additional 1,125 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.
AbbVie Trading Down 0.2%
Shares of ABBV opened at $206.23 on Tuesday. The company's fifty day moving average is $191.42 and its 200 day moving average is $192.47. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The stock has a market capitalization of $364.32 billion, a PE ratio of 98.21, a P/E/G ratio of 1.33 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.
AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.65 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.
AbbVie Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's payout ratio is presently 312.38%.
Analysts Set New Price Targets
A number of equities research analysts have commented on the stock. Raymond James Financial raised their target price on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Piper Sandler assumed coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Bank of America lifted their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research report on Thursday, August 7th. Finally, Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat, AbbVie has an average rating of "Moderate Buy" and an average target price of $214.95.
View Our Latest Analysis on AbbVie
Insider Buying and Selling at AbbVie
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 transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at $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. 0.08% of the stock is owned by insiders.
AbbVie Profile
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Free Report)
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.
Further Reading
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