AbbVie Inc. $ABBV Shares Purchased by QTR Family Wealth LLC

QTR Family Wealth LLC grew its position in AbbVie Inc. (NYSE:ABBV) by 19.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,946 shares of the company’s stock after purchasing an additional 484 shares during the period. QTR Family Wealth LLC’s holdings in AbbVie were worth $547,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie during the 2nd quarter worth approximately $25,000. TD Capital Management LLC boosted its position in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Abound Financial LLC acquired a new position in AbbVie during the 1st quarter valued at approximately $30,000. Cypress Capital Management LLC WY acquired a new position in AbbVie during the 1st quarter worth $35,000. Finally, Inlight Wealth Management LLC acquired a new position in AbbVie during the 1st quarter worth $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

ABBV stock opened at $231.47 on Wednesday. The business’s 50-day moving average price is $207.89 and its two-hundred day moving average price is $195.37. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $232.35. The firm has a market cap of $408.91 billion, a PE ratio of 110.22, a P/E/G ratio of 1.31 and a beta of 0.53. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion during 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%. AbbVie’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.65 EPS. As a group, research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Guggenheim boosted their target price on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Evercore ISI boosted their target price on AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Bank of America boosted their target price on AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and upped their price target for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Finally, JPMorgan Chase & Co. boosted their price objective on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $223.45.

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s 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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction 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 $11,562,611.97. This trade represents 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.

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.