Valeo Financial Advisors LLC Purchases 2,636 Shares of AbbVie Inc. $ABBV

Key Points

• Valeo Financial Advisors LLC increased its stake in AbbVie Inc. by 3.2%, acquiring an additional 2,636 shares, bringing its total holdings to 85,910 shares valued at approximately $15.95 million.
• Major equities analysts have raised their price targets for AbbVie, with Cantor Fitzgerald increasing their target from $215.00 to $245.00 and Morgan Stanley setting a new target of $255.00.
• AbbVie recently announced a quarterly dividend of $1.64, yielding 2.8%, to be paid on November 14th, with an ex-dividend date of October 15th.

Valeo Financial Advisors LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,910 shares of the company's stock after buying an additional 2,636 shares during the period. Valeo Financial Advisors LLC's holdings in AbbVie were worth $15,947,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FF Advisors LLC boosted its position in shares of AbbVie by 3.6% in the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company's stock worth $286,000 after purchasing an additional 53 shares in the last quarter. Private Management Group Inc. boosted its holdings in AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after acquiring an additional 54 shares in the last quarter. Silicon Valley Capital Partners boosted its holdings in AbbVie by 10.8% in the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock worth $118,000 after acquiring an additional 56 shares in the last quarter. Seneca House Advisors grew its stake in shares of AbbVie by 2.7% in the second quarter. Seneca House Advisors now owns 2,093 shares of the company's stock worth $388,000 after acquiring an additional 56 shares during the last quarter. Finally, Castle Wealth Management LLC increased its holdings in shares of AbbVie by 3.4% during the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after acquiring an additional 57 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Cantor Fitzgerald upped their price target 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. Piper Sandler started coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target for the company. Morgan Stanley upped their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. boosted their price target on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Finally, BMO Capital Markets upped their price target on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, September 12th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $228.22.

AbbVie Trading Down 1.1%

Shares of AbbVie stock opened at $234.07 on Monday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The stock has a market capitalization of $413.49 billion, a PE ratio of 111.46, a P/E/G ratio of 1.37 and a beta of 0.51. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The company's fifty day simple moving average is $210.77 and its 200-day simple moving average is $195.79.

AbbVie (NYSE:ABBV - Get Free Report) last released 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's 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 sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction 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 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 disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

AbbVie Company 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.

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