Sky Investment Group LLC Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Sky Investment Group LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,984 shares of the company’s stock after acquiring an additional 348 shares during the quarter. AbbVie accounts for about 1.3% of Sky Investment Group LLC’s investment portfolio, making the stock its 28th largest position. Sky Investment Group LLC’s holdings in AbbVie were worth $6,686,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vermillion & White Wealth Management Group LLC purchased a new stake in AbbVie during the fourth quarter valued at about $26,000. Able Wealth Management LLC bought a new stake in AbbVie in the 4th quarter worth approximately $33,000. IFS Advisors LLC purchased a new stake in AbbVie in the first quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new position in AbbVie during the fourth quarter valued at approximately $37,000. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of AbbVie during the first quarter worth approximately $37,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s 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 sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Truist Financial reaffirmed a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Piper Sandler reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Tuesday, July 2nd. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $190.29.

AbbVie Stock Up 0.9 %

NYSE:ABBV traded up $1.71 during trading hours on Wednesday, reaching $192.94. 4,153,375 shares of the company traded hands, compared to its average volume of 5,552,938. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The business’s 50-day moving average price is $174.52 and its two-hundred day moving average price is $171.64. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $193.91. The stock has a market capitalization of $340.71 billion, a P/E ratio of 57.04, a P/E/G ratio of 2.49 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. AbbVie’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business earned $2.91 EPS. Analysts predict that AbbVie Inc. will post 10.87 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is currently 183.98%.

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.