AbbVie Inc. $ABBV Shares Acquired by Brave Asset Management Inc.

Brave Asset Management Inc. boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 9.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,697 shares of the company’s stock after purchasing an additional 225 shares during the quarter. Brave Asset Management Inc.’s holdings in AbbVie were worth $501,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ABBV. GAMMA Investing LLC increased its holdings in shares of AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after buying an additional 10,195,284 shares during the last quarter. Nuveen LLC purchased a new stake in AbbVie in the 1st quarter valued at about $1,819,154,000. Assenagon Asset Management S.A. lifted its position in AbbVie by 550.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after buying an additional 3,666,521 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after buying an additional 3,519,187 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new position in AbbVie during the second quarter worth about $581,817,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ABBV has been the topic of a number of research analyst reports. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and boosted their price target for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. JPMorgan Chase & Co. upped their price target on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Bank of America raised their price target on AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Citigroup boosted their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Finally, Wells Fargo & Company raised their target price on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $223.45.

AbbVie Stock Down 0.8%

Shares of NYSE ABBV opened at $218.23 on Friday. The stock has a market cap of $385.52 billion, a P/E ratio of 103.92, a PEG ratio of 1.31 and a beta of 0.53. The business’s fifty day simple moving average is $205.61 and its 200-day simple moving average is $195.22. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $225.16. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last issued 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 company had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.65 EPS. As a group, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’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 transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

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.