AbbVie Inc. Shares (NYSE:ABBV) bought by Ascent Group LLC

Ascent Group LLC raised its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 4.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 25,778 shares of the company’s stock after acquiring an additional 1,102 shares during the quarter. Ascent Group LLC’s holdings in AbbVie were worth $4,421,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie during the 4th quarter valued at about $26,000. Fairway Wealth LLC purchased a new position in AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie in the second quarter valued at about $27,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $33,000. Finally, IFS Advisors LLC purchased a new stake in shares of AbbVie in the first quarter valued at approximately $36,000. Institutional investors and hedge funds own 70.23% of the company’s shares.

AbbVie’s stock performance

Shares of ABBV stock opened at $194.79 on Friday. The firm has a 50 day moving average of $191.54 and a two hundred day moving average of $176.25. The stock has a market cap of $343.97 billion, a PE ratio of 57.80, a P/E/G ratio of 2.65 and a beta of 0.64. The company has a quick ratio of 0.71, a current ratio of 0.81, and a debt-to-equity ratio of 8.51. AbbVie Inc. it has a 52-week low of $135.85 and a 52-week high of $199.95.

AbbVie (NYSE:ABBV – Get Your Free Report ) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period last year, the company posted earnings of $2.91 per share. AbbVie’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a dividend of $6.20 on an annualized basis and a dividend yield of 3.18%. AbbVie’s payout ratio is 183.98%.

Analyst upgrades and downgrades

Several research firms have issued reports on ABBV. Morgan Stanley upped their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Truist Financial reissued a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. BMO Capital Markets upped their target price on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Finally, Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. AbbVie has a consensus rating of “Buy” and an average price target of $191.64, according to MarketBeat .

Check out our latest research report on AbbVie

Insider activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of shares are held by corporate insiders.

AbbVie Company Profile

(Free Report)

AbbVie Inc discovers, develops, manufactures and sells pharmaceutical products worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet’s disease and pyoderma gangrenosum; Skyrizi for the treatment of 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 cancer; Epkinly for treating lymphoma; Elahere for the treatment of cancer; and Venclexta/Venclyxto to treat blood cancers.

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