Pallas Capital Advisors LLC Raises Stock Position in AbbVie Inc. $ABBV

Pallas Capital Advisors LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 31,309 shares of the company’s stock after acquiring an additional 739 shares during the quarter. Pallas Capital Advisors LLC’s holdings in AbbVie were worth $5,812,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. FF Advisors LLC increased its position in shares of AbbVie by 3.6% during the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after acquiring an additional 53 shares during the period. Private Management Group Inc. increased its holdings in AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after buying an additional 54 shares during the period. Silicon Valley Capital Partners increased its holdings in AbbVie by 10.8% during the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock valued at $118,000 after buying an additional 56 shares during the period. Seneca House Advisors increased its holdings in AbbVie by 2.7% during the second quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock valued at $388,000 after buying an additional 56 shares during the period. Finally, Connecticut Wealth Management LLC increased its holdings in AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock valued at $660,000 after buying an additional 57 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ABBV. Piper Sandler began coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective on the stock. Morgan Stanley lifted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Cantor Fitzgerald lifted their price objective on shares of AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a report on Monday. Bank of America lifted their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Finally, Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $220.43.

AbbVie Stock Down 0.6%

ABBV opened at $216.27 on Wednesday. The stock has a market capitalization of $382.05 billion, a price-to-earnings ratio of 102.99, a PEG ratio of 1.40 and a beta of 0.53. The company has a fifty day moving average of $201.39 and a two-hundred day moving average of $194.66. 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 Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $221.76.

AbbVie (NYSE:ABBV) last released its 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 company 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 for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.65 EPS. On average, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. AbbVie’s payout ratio is currently 312.38%.

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.