Turtle Creek Wealth Advisors LLC Makes New $1.70 Million Investment in AbbVie Inc. $ABBV

Key Points

• Turtle Creek Wealth Advisors LLC made a new investment of approximately $1.70 million in AbbVie Inc., purchasing 9,149 shares during the second quarter.
• Insider sales were noted, with two executives, including EVP Nicholas Donoghoe and EVP Azita Saleki-Gerhardt, selling significant shares resulting in a decrease of 18.58% and 19.29% in their holdings respectively.
• JPMorgan and BMO Capital Markets significantly increased their price targets for AbbVie, with new objectives set as high as $255.00, reflecting positive analyst sentiment towards the stock.

Turtle Creek Wealth Advisors LLC bought a new position in AbbVie Inc. (NYSE:ABBV - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 9,149 shares of the company's stock, valued at approximately $1,698,000.

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

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction on 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 transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's 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 completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

AbbVie Stock Performance

NYSE:ABBV opened at $226.31 on Thursday. 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 firm has a market capitalization of $399.80 billion, a price-to-earnings ratio of 107.77, a PEG ratio of 1.48 and a beta of 0.51. The firm's fifty day simple moving average is $216.72 and its 200 day simple moving average is $197.32. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion for 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 business's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.65 EPS. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie's payout ratio is currently 312.38%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ABBV. JPMorgan Chase & Co. boosted their price objective on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. BMO Capital Markets boosted their price objective on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday, September 12th. Morgan Stanley boosted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Berenberg Bank raised shares of AbbVie from a "hold" rating to a "buy" rating and boosted their price objective for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Finally, Bank of America boosted their price objective on shares of AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a research note on Friday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $231.90.

About AbbVie

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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