8,324 Shares in AbbVie Inc. $ABBV Purchased by Triton Financial Group Inc

Triton Financial Group Inc bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 8,324 shares of the company’s stock, valued at approximately $1,545,000.

Other hedge funds have also recently bought and sold shares of the company. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie during the 2nd quarter worth about $25,000. TD Capital Management LLC grew its stake in AbbVie by 82.9% during the 1st 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 last quarter. Abound Financial LLC purchased a new position in AbbVie during the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the 1st quarter worth approximately $35,000. Finally, Bear Mountain Capital Inc. lifted its position in AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $232.07 on Tuesday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The firm has a market capitalization of $409.97 billion, a price-to-earnings ratio of 110.51, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51. The business has a 50 day simple moving average of $218.58 and a 200 day simple moving average of $197.84. 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) last released its quarterly earnings data 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 company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.65 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders 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 yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’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 directly 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on ABBV shares. BMO Capital Markets raised 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. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Raymond James Financial reaffirmed an “outperform” rating and issued a $250.00 price objective (up previously from $236.00) on shares of AbbVie in a research report on Friday. Finally, Bank of America lifted their target price on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.80.

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.