AbbVie Inc. $ABBV Shares Acquired by Financial Connections Group Inc.

Financial Connections Group Inc. lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 9.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,165 shares of the company’s stock after purchasing an additional 104 shares during the quarter. Financial Connections Group Inc.’s holdings in AbbVie were worth $216,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ABBV. Marshall & Sullivan Inc. WA purchased a new position in shares of AbbVie in the 2nd quarter worth $25,000. TD Capital Management LLC raised its position in shares of 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 buying an additional 58 shares during the period. Abound Financial LLC purchased a new position in shares of AbbVie in the 1st quarter worth $30,000. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie in the 1st quarter worth $35,000. Finally, Bear Mountain Capital Inc. raised its position in shares of AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Up 0.1%

NYSE:ABBV opened at $230.88 on Friday. The company has a market capitalization of $407.86 billion, a price-to-earnings ratio of 109.94, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The stock has a 50-day simple moving average of $214.84 and a 200 day simple moving average of $196.79. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $2.65 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is presently 312.38%.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 completion of the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ABBV shares. Evercore ISI increased their target price on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Morgan Stanley raised 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. Wall Street Zen lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday. Piper Sandler raised their price objective on AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $231.90.

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.