RB Capital Management LLC Increases Position in AbbVie Inc. $ABBV

RB Capital Management LLC raised its position in AbbVie Inc. (NYSE:ABBV) by 1.4% during the second quarter, HoldingsChannel reports. The firm owned 14,253 shares of the company’s stock after buying an additional 192 shares during the quarter. RB Capital Management LLC’s holdings in AbbVie were worth $2,646,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Narus Financial Partners LLC lifted its stake in shares of AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after acquiring an additional 401 shares during the period. Highland Capital Management LLC grew its holdings in AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock valued at $9,817,000 after purchasing an additional 2,792 shares during the period. Weaver Capital Management LLC grew its holdings in AbbVie by 3.9% in the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock valued at $1,727,000 after purchasing an additional 310 shares during the period. North Star Asset Management Inc. grew its holdings in AbbVie by 0.5% in the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock valued at $33,800,000 after purchasing an additional 756 shares during the period. Finally, Alpine Bank Wealth Management acquired a new position in AbbVie during the first quarter valued at approximately $3,879,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

NYSE ABBV opened at $218.40 on Friday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $221.76. The stock has a market capitalization of $385.82 billion, a PE ratio of 104.00, a price-to-earnings-growth ratio of 1.42 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a 50 day moving average price of $200.25 and a two-hundred day moving average price of $194.52.

AbbVie (NYSE:ABBV) last released 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the business earned $2.65 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent research reports. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Wells Fargo & Company upped their price target on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday. Citigroup boosted their target price on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a research report on Thursday, August 7th. Finally, BMO Capital Markets raised their target price on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday. 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $217.10.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’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 transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $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 0.25% of the company’s stock.

AbbVie Company 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.