AbbVie Inc. $ABBV Shares Purchased by Novem Group

Novem Group grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,596 shares of the company’s stock after buying an additional 404 shares during the period. Novem Group’s holdings in AbbVie were worth $1,596,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Marshall & Sullivan Inc. WA purchased a new stake in shares of AbbVie during the second quarter worth about $25,000. TD Capital Management LLC lifted its stake in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Abound Financial LLC acquired a new stake in AbbVie during the first quarter worth approximately $30,000. Siemens Fonds Invest GmbH grew its stake in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after acquiring an additional 119,141 shares during the period. Finally, Cypress Capital Management LLC WY acquired a new position in AbbVie in the 1st quarter valued at $35,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Cantor Fitzgerald increased their target price on AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday, September 15th. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Guggenheim lifted their price target on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Finally, Morgan Stanley upped their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $223.45.

AbbVie Stock Performance

AbbVie stock opened at $218.23 on Friday. The company has a market cap of $385.52 billion, a price-to-earnings ratio of 103.92, a price-to-earnings-growth ratio of 1.31 and a beta of 0.53. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $225.16. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The stock’s 50-day moving average is $205.61 and its 200-day moving average is $195.22.

AbbVie (NYSE:ABBV) 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). 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 previous year, the firm posted $2.65 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. 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 (DPR) is currently 312.38%.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s 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. This represents a 18.58% decrease in their position. The sale 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 stock in a transaction on 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 sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Profile

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.