AbbVie Inc. $ABBV Shares Bought by Advisors Capital Management LLC

Advisors Capital Management LLC raised its position in AbbVie Inc. (NYSE:ABBV) by 2.2% in the 1st quarter, Holdings Channel reports. The fund owned 579,779 shares of the company’s stock after purchasing an additional 12,221 shares during the period. AbbVie accounts for 1.9% of Advisors Capital Management LLC’s holdings, making the stock its 4th biggest holding. Advisors Capital Management LLC’s holdings in AbbVie were worth $121,475,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. TD Capital Management LLC grew its position in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after buying an additional 58 shares in the last quarter. Abound Financial LLC acquired a new stake in shares of AbbVie during the first quarter worth approximately $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie during the first quarter worth approximately $35,000. Pinney & Scofield Inc. acquired a new stake in shares of AbbVie during the fourth quarter worth approximately $36,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of AbbVie during the first quarter worth approximately $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insiders Place Their Bets

In other AbbVie news, 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 value of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $211.84 on Thursday. 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 stock has a market capitalization of $374.23 billion, a price-to-earnings ratio of 100.88, a PEG ratio of 1.35 and a beta of 0.53. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The stock’s fifty day moving average is $199.06 and its two-hundred day moving average is $194.37.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) 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 business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.65 earnings per share. On average, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ABBV. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Piper Sandler started coverage on AbbVie in a research note on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective on the stock. Finally, Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $214.95.

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.