Summa Corp. Purchases Shares of 2,500 AbbVie Inc. $ABBV

Summa Corp. bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,500 shares of the company’s stock, valued at approximately $464,000.

A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of AbbVie by 0.5% during the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock worth $36,439,271,000 after purchasing an additional 845,787 shares in the last quarter. Northern Trust Corp lifted its position in shares of AbbVie by 0.9% during the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock worth $4,612,357,000 after purchasing an additional 189,294 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of AbbVie by 5.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock worth $2,675,959,000 after purchasing an additional 713,148 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of AbbVie by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company’s stock worth $1,972,050,000 after purchasing an additional 45,871 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Up 0.1%

Shares of NYSE:ABBV opened at $230.88 on Friday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company has a market capitalization of $407.86 billion, a PE ratio of 109.94, a PEG ratio of 1.35 and a beta of 0.51. The company has a 50 day moving average price of $214.84 and a two-hundred day moving average price of $196.76.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate 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 previous year, the company posted $2.65 EPS. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. Analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company 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 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio is presently 312.38%.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value 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 approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on 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. 0.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ABBV shares. Wall Street Zen lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Piper Sandler boosted their price target on shares of AbbVie from $231.00 to $284.00 and gave the stock an “overweight” rating in a research note on Friday. BMO Capital Markets boosted their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Finally, Cantor Fitzgerald set a $250.00 price target on shares of AbbVie and gave the stock an “overweight” rating in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus 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.