Valmark Advisers Inc. Buys 1,430 Shares of AbbVie Inc. $ABBV

Key Points

• Valmark Advisers Inc. increased its stake in AbbVie Inc. by 14.6% during the 2nd quarter, owning a total of 11,193 shares, valued at approximately $2,078,000.
• AbbVie reported quarterly earnings of $2.97 EPS, missing estimates but achieving $15.42 billion in revenue, which was higher than expected.
• The company announced a quarterly dividend of $1.64 per share, with a dividend yield of 2.8%, to be paid on November 14th.

Valmark Advisers Inc. increased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 14.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,193 shares of the company's stock after purchasing an additional 1,430 shares during the period. Valmark Advisers Inc.'s holdings in AbbVie were worth $2,078,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Nuveen LLC purchased a new stake in AbbVie in the first quarter worth approximately $1,819,154,000. Assenagon Asset Management S.A. raised its holdings in shares of AbbVie by 550.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock valued at $804,116,000 after acquiring an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after acquiring an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of AbbVie during the second quarter valued at approximately $581,817,000. Finally, Bessemer Group Inc. raised its holdings in AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock worth $576,800,000 after purchasing an additional 1,641,091 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on ABBV shares. Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a report on Wednesday. Piper Sandler initiated coverage on AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. UBS Group set a $251.00 price objective on AbbVie in a report on Friday, October 3rd. Cantor Fitzgerald raised their target price on AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Finally, BMO Capital Markets lifted their price objective on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $229.14.

AbbVie Stock Down 0.7%

Shares of ABBV opened at $231.26 on Thursday. The stock has a market capitalization of $408.53 billion, a price-to-earnings ratio of 110.12, a price-to-earnings-growth ratio of 1.36 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 business's 50 day simple moving average is $213.28 and its 200-day simple moving average is $196.43. 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 (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data 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 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 revenue was up 6.6% on a year-over-year basis. During the same period last year, the company earned $2.65 earnings per share. As a group, equities 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 will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate 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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