Triton Financial Group Inc Makes New Investment in AbbVie Inc. $ABBV

Key Points

• Triton Financial Group Inc has made a new investment in AbbVie Inc. by purchasing 8,324 shares valued at approximately $1,545,000 during the 2nd quarter.
• AbbVie recently declared a quarterly dividend of $1.64 per share, with an annualized dividend yield of 2.8%, and will be paid to stockholders of record on October 15th.
• Analysts have raised price targets for AbbVie, with BMO Capital Markets increasing theirs from $215.00 to $240.00 and JPMorgan Chase boosting theirs from $200.00 to $235.00, reflecting positive sentiment on the stock.

Triton Financial Group Inc purchased a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,324 shares of the company's stock, valued at approximately $1,545,000.

Other hedge funds also recently made changes to their positions in the company. TD Capital Management LLC increased its stake in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares during the period. Marshall & Sullivan Inc. WA bought a new stake in AbbVie in the second quarter valued at $25,000. Abound Financial LLC bought a new stake in AbbVie in the first quarter valued at $30,000. Cypress Capital Management LLC WY bought a new stake in AbbVie in the first quarter valued at $35,000. Finally, HWG Holdings LP bought a new stake in AbbVie in the first quarter valued at $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

NYSE ABBV opened at $232.07 on Tuesday. 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 $244.81. The company's 50 day moving average is $218.58 and its two-hundred day moving average is $197.84. The stock has a market cap of $409.97 billion, a price-to-earnings ratio of 110.51, 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 analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.65 earnings per share. As a group, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders 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 annualized dividend and a dividend yield of 2.8%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Insider Activity

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated 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 completion of 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 disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. BMO Capital Markets lifted their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, September 12th. JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Citigroup restated a "neutral" rating on shares of AbbVie in a report on Monday, October 13th. Cantor Fitzgerald set a $250.00 price target on shares of AbbVie and gave the stock an "overweight" rating in a research note on Thursday, October 9th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and an average target price of $234.80.

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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

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.