AbbVie Inc. $ABBV Shares Acquired by Financial Connections Group Inc.

Financial Connections Group Inc. lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 9.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,165 shares of the company’s stock after acquiring an additional 104 shares during the period. Financial Connections Group Inc.’s holdings in AbbVie were worth $216,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ABBV. Brighton Jones LLC boosted its position in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after buying an additional 3,401 shares during the period. Revolve Wealth Partners LLC boosted its position in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the period. GAMMA Investing LLC boosted its position in shares of AbbVie by 23.8% during the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock worth $10,235,000 after buying an additional 9,395 shares during the period. Thomasville National Bank raised its holdings in AbbVie by 0.6% during the first quarter. Thomasville National Bank now owns 30,080 shares of the company’s stock worth $6,302,000 after purchasing an additional 168 shares in the last quarter. Finally, Sky Investment Group LLC raised its holdings in AbbVie by 0.3% during the first quarter. Sky Investment Group LLC now owns 42,844 shares of the company’s stock worth $8,977,000 after purchasing an additional 129 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity 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 shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

NYSE ABBV opened at $230.88 on Friday. The stock has a market capitalization of $407.86 billion, a P/E ratio of 109.94, a P/E/G ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The business’s fifty day moving average is $214.84 and its two-hundred day moving average is $196.79. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. AbbVie’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.65 EPS. On average, research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is presently 312.38%.

Analysts Set New Price Targets

Several equities research analysts recently commented on ABBV shares. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and boosted their target price for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Guggenheim boosted their target price on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Wells Fargo & Company boosted their target price on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Piper Sandler boosted their target price on AbbVie from $231.00 to $284.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a report on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $231.90.

AbbVie Company 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.