AbbVie Inc. $ABBV Shares Purchased by Spinnaker Trust

Spinnaker Trust increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,632 shares of the company’s stock after purchasing an additional 181 shares during the quarter. Spinnaker Trust’s holdings in AbbVie were worth $3,087,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ABBV. Marshall & Sullivan Inc. WA acquired a new stake in shares of AbbVie during the second quarter worth $25,000. TD Capital Management LLC lifted its holdings 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 purchasing an additional 58 shares during the period. Abound Financial LLC acquired a new stake in shares of AbbVie during the first quarter worth $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie during the first quarter worth $35,000. Finally, Bear Mountain Capital Inc. lifted its holdings in shares of AbbVie by 480.6% during the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of recent analyst reports. Hsbc Global Res downgraded AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Raymond James Financial reissued an “outperform” rating and issued a $250.00 target price (up previously from $236.00) on shares of AbbVie in a report on Friday, October 17th. Erste Group Bank downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a report on Wednesday, October 8th. Finally, Wall Street Zen raised AbbVie from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $234.80.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 completion of the transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.25% of the company’s stock.

AbbVie Trading Down 1.0%

NYSE:ABBV opened at $225.24 on Thursday. The company has a market capitalization of $397.90 billion, a PE ratio of 107.26, a price-to-earnings-growth ratio of 1.44 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 Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The stock has a fifty day simple moving average of $221.89 and a 200-day simple moving average of $200.31.

AbbVie (NYSE:ABBV) last released 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 firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned $2.65 EPS. On average, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal 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 paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

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.