AbbVie Inc. $ABBV Shares Bought by IFC Advisors LLC

IFC Advisors LLC raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.3% in the second quarter, Holdings Channel.com reports. The fund owned 2,681 shares of the company’s stock after acquiring an additional 60 shares during the quarter. IFC Advisors LLC’s holdings in AbbVie were worth $498,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ABBV. Brighton Jones LLC raised its holdings in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC raised its holdings 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 valued at $1,294,000 after acquiring an additional 3,064 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of AbbVie by 23.8% during the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock valued at $10,235,000 after acquiring an additional 9,395 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of AbbVie by 5.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 536,450 shares of the company’s stock valued at $112,398,000 after acquiring an additional 25,385 shares during the last quarter. Finally, Good Life Advisors LLC increased its holdings in shares of AbbVie by 4.5% in the first quarter. Good Life Advisors LLC now owns 54,416 shares of the company’s stock valued at $11,401,000 after purchasing an additional 2,319 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the subject of several recent research reports. Wall Street Zen cut AbbVie from a “buy” rating to a “hold” rating in a report on Saturday. Wells Fargo & Company increased their price target on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Piper Sandler increased their price target on AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a report on Friday. Finally, BMO Capital Markets increased their price target on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.90.

AbbVie Trading Down 0.1%

ABBV opened at $230.36 on Tuesday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The business has a fifty day simple moving average of $215.50 and a 200-day simple moving average of $196.89. The firm has a market cap of $406.94 billion, a P/E ratio of 109.70, a P/E/G ratio of 1.42 and a beta of 0.51. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

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

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders 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 dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction 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 value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

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.