DMKC Advisory Services LLC Purchases New Holdings in AbbVie Inc. $ABBV

DMKC Advisory Services LLC purchased a new position in AbbVie Inc. (NYSE:ABBV) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,040 shares of the company’s stock, valued at approximately $534,000.

Other hedge funds have also modified their holdings of the company. Corient Private Wealth LP bought a new stake in shares of AbbVie during the 2nd quarter valued at $559,736,000. Legal & General Group Plc bought a new position in AbbVie in the 2nd quarter worth $2,905,952,000. Jupiter Topco LLC bought a new position in AbbVie in the 2nd quarter worth $1,560,354,000. Canada Pension Plan Investment Board bought a new position in AbbVie in the 2nd quarter worth $817,473,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in AbbVie in the 2nd quarter worth $655,268,000. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president owned 74,430 shares in the company, valued at $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.06% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on ABBV. UBS Group raised their price target on AbbVie from $275.00 to $295.00 and gave the company a “neutral” rating in a report on Monday, November 2nd. Rothschild & Co Redburn upped their price objective on AbbVie from $284.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Canaccord Genuity Group upped their price objective on AbbVie from $290.00 to $338.00 and gave the stock a “buy” rating in a research note on Monday, November 2nd. Leerink Partners increased their target price on AbbVie from $309.00 to $342.00 and gave the stock an “outperform” rating in a research report on Monday, November 2nd. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $275.00 target price on shares of AbbVie in a research note on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $297.46.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $292.87 on Tuesday. The firm has a fifty day moving average price of $272.71 and a 200 day moving average price of $239.42. AbbVie Inc. has a fifty-two week low of $190.75 and a fifty-two week high of $302.93. The firm has a market cap of $517.69 billion, a price-to-earnings ratio of 50.41, a P/E/G ratio of 1.34 and a beta of 0.20.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, beating the consensus estimate of $3.73 by $0.09. The company had revenue of $17.40 billion during the quarter, compared to analysts’ expectations of $17.32 billion. AbbVie had a net margin of 15.67% and a negative return on equity of 450.55%. AbbVie’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the company posted $1.86 earnings per share. As a group, research analysts predict that AbbVie Inc. will post 13.99 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be issued a dividend of $1.82 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.73. The ex-dividend date of this dividend is Friday, January 15th. This represents a $7.28 annualized dividend and a dividend yield of 2.5%. AbbVie’s payout ratio is currently 119.10%.

AbbVie Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.

Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.