Aire Advisors LLC Raises Stock Position in AbbVie Inc. $ABBV

by · The Markets Daily

Aire Advisors LLC increased its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 18.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,002 shares of the company’s stock after acquiring an additional 306 shares during the quarter. Aire Advisors LLC’s holdings in AbbVie were worth $372,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA acquired a new stake in AbbVie during the 2nd quarter worth $25,000. TD Capital Management LLC grew 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 buying an additional 58 shares in the last quarter. Abound Financial LLC purchased a new stake in shares of AbbVie during the first quarter worth $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the first quarter worth $35,000. Finally, Bear Mountain Capital Inc. grew 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 buying an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction dated Tuesday, August 5th. The shares were 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 $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 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. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Trading Down 1.2%

Shares of ABBV stock opened at $226.31 on Thursday. The company’s 50-day moving average price is $216.72 and its 200-day moving average price is $197.32. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market cap of $399.80 billion, a price-to-earnings ratio of 107.77, a PEG ratio of 1.48 and a beta of 0.51. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 net margin of 6.45% and a return on equity of 699.66%. The company’s revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.65 EPS. As a group, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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 given a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie’s dividend payout ratio is presently 312.38%.

Analyst Ratings Changes

A number of research firms have recently issued reports on ABBV. Wells Fargo & Company upped their target price on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Bank of America upped their target price on shares of AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a report on Friday, October 3rd. Morgan Stanley upped their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Finally, HSBC set a $225.00 target price on shares of AbbVie in a report on Thursday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $231.90.

Get Our Latest Report on ABBV

About AbbVie

(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

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