Waypoint Wealth Partners Inc. Raises Holdings in AbbVie Inc. $ABBV

by · The Markets Daily

Waypoint Wealth Partners Inc. lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 71.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,388 shares of the company’s stock after purchasing an additional 992 shares during the period. Waypoint Wealth Partners Inc.’s holdings in AbbVie were worth $443,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. First Hawaiian Bank increased its stake in shares of AbbVie by 0.8% during the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock worth $1,403,000 after purchasing an additional 60 shares in the last quarter. Narus Financial Partners LLC increased its stake in shares of AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after purchasing an additional 401 shares in the last quarter. Highland Capital Management LLC increased its stake in shares of AbbVie by 6.3% during the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after purchasing an additional 2,792 shares in the last quarter. Weaver Capital Management LLC grew its stake in AbbVie by 3.9% in the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock worth $1,727,000 after acquiring an additional 310 shares during the period. Finally, North Star Asset Management Inc. grew its stake in AbbVie by 0.5% in the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock worth $33,800,000 after acquiring an additional 756 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction dated 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 approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Performance

Shares of AbbVie stock opened at $220.16 on Thursday. The firm has a market cap of $388.93 billion, a PE ratio of 104.84, a price-to-earnings-growth ratio of 1.39 and a beta of 0.53. The firm’s 50-day simple moving average is $201.98 and its 200-day simple moving average is $194.84. 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 Inc. has a 1 year low of $163.81 and a 1 year high of $221.76.

AbbVie (NYSE:ABBV – Get Free Report) last issued 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 analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.65 EPS. Equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio is currently 312.38%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Cantor Fitzgerald lifted their target price on shares of AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price for the company in a research note on Thursday, August 7th. Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Finally, BMO Capital Markets lifted their target price on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $222.68.

View Our Latest Stock Report on ABBV

AbbVie Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Free Report).