AbbVie Inc. $ABBV Shares Acquired by TruWealth Advisors LLC

Key Points

• TruWealth Advisors LLC increased its holdings in AbbVie Inc. by 5.8% in Q2, owning 142,557 shares valued at approximately $26.46 million, which is about 1.5% of its total portfolio.
• Several institutional investors have significantly boosted their positions in AbbVie, with notable increases from Brighton Jones LLC (17.4%), Revolve Wealth Partners LLC (72.7%), and Siemens Fonds Invest GmbH (197.6%).
• AbbVie announced a quarterly dividend of $1.64 per share, with a dividend yield of 3.0%, while the company’s dividend payout ratio stands at a high 312.38%.

TruWealth Advisors LLC raised its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 5.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 142,557 shares of the company's stock after acquiring an additional 7,790 shares during the quarter. AbbVie makes up 1.5% of TruWealth Advisors LLC's portfolio, making the stock its 20th biggest holding. TruWealth Advisors LLC's holdings in AbbVie were worth $26,461,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ABBV. Private Management Group Inc. raised its holdings in AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after acquiring an additional 54 shares during the last quarter. Silicon Valley Capital Partners increased its stake in AbbVie by 10.8% in the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock valued at $118,000 after purchasing an additional 56 shares during the last quarter. Connecticut Wealth Management LLC lifted its position in AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after buying an additional 57 shares during the period. Castle Wealth Management LLC boosted its stake in AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after buying an additional 57 shares during the last quarter. Finally, High Falls Advisors Inc grew its holdings in AbbVie by 3.2% in the 1st quarter. High Falls Advisors Inc now owns 1,863 shares of the company's stock valued at $390,000 after buying an additional 57 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ABBV. 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 report on Friday, August 1st. Piper Sandler started coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price for the company. Guggenheim boosted their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. BMO Capital Markets boosted their target price on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a report on Friday. Finally, Citigroup lifted their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Four analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $220.43.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction dated 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 owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated 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 owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

AbbVie Stock Down 0.4%

ABBV traded down $0.91 during trading on Tuesday, hitting $216.70. The company had a trading volume of 1,938,277 shares, compared to its average volume of 6,443,640. The company has a market cap of $382.82 billion, a PE ratio of 103.25, a P/E/G ratio of 1.40 and a beta of 0.53. The business has a 50-day moving average of $200.86 and a 200-day moving average of $194.51. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $221.76.

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

AbbVie Dividend Announcement

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 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 dividend yield of 3.0%. AbbVie's dividend payout ratio is currently 312.38%.

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.