AbbVie Inc. $ABBV Holdings Raised by Secure Asset Management LLC

Secure Asset Management LLC boosted its stake in AbbVie Inc. (NYSE:ABBV) by 13.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,525 shares of the company’s stock after buying an additional 798 shares during the period. Secure Asset Management LLC’s holdings in AbbVie were worth $1,211,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. TD Capital Management LLC increased its stake in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC bought a new stake in AbbVie during the first quarter worth approximately $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie in the first quarter worth approximately $35,000. Pinney & Scofield Inc. bought a new position in AbbVie during the 4th quarter valued at $36,000. Finally, Inlight Wealth Management LLC acquired a new position in shares of AbbVie during the 1st quarter valued at $42,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $220.16 on Thursday. The stock has a market capitalization of $388.93 billion, a P/E ratio of 104.84, a P/E/G ratio of 1.39 and a beta of 0.53. The business has a 50-day moving average of $201.98 and a two-hundred day moving average of $194.84. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $221.76. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.65 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors 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 is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ABBV. Citigroup raised their target price on AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. JPMorgan Chase & Co. lifted their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday. Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They set an “overweight” rating and a $231.00 target price for the company. Finally, Wells Fargo & Company lifted their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $222.68.

Insider Transactions at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was 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 in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.