Sargent Investment Group LLC Purchases 41,296 Shares of AbbVie Inc. (NYSE:ABBV)

Sargent Investment Group LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 939.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,692 shares of the company’s stock after acquiring an additional 41,296 shares during the quarter. AbbVie comprises 1.6% of Sargent Investment Group LLC’s holdings, making the stock its 17th biggest position. Sargent Investment Group LLC’s holdings in AbbVie were worth $7,837,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at $26,000. Ridgewood Investments LLC acquired a new position in AbbVie during the 2nd quarter valued at about $27,000. Able Wealth Management LLC purchased a new stake in AbbVie in the fourth quarter valued at about $33,000. IFS Advisors LLC acquired a new stake in AbbVie in the first quarter worth about $36,000. Finally, Quest Partners LLC grew its stake in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.8 %

ABBV stock opened at $195.78 on Tuesday. The business’s 50-day moving average is $187.41 and its 200 day moving average is $175.36. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. The stock has a market cap of $345.72 billion, a price-to-earnings ratio of 58.09, a PEG ratio of 2.66 and a beta of 0.64. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last issued its quarterly 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 for the quarter, compared to analyst estimates of $14.02 billion. During the same period in the previous year, the company posted $2.91 earnings per share. The business’s revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Transactions at AbbVie

In other AbbVie 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 directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. BMO Capital Markets lifted their price objective on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Morgan Stanley boosted their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $191.64.

About AbbVie

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.