Elevate Capital Advisors LLC Acquires 290 Shares of AbbVie Inc. $ABBV

Elevate Capital Advisors LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 7,208 shares of the company’s stock after acquiring an additional 290 shares during the period. Elevate Capital Advisors LLC’s holdings in AbbVie were worth $1,338,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. TD Capital Management LLC lifted its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the period. Marshall & Sullivan Inc. WA acquired a new position in AbbVie during the second quarter worth $25,000. Abound Financial LLC bought a new position in shares of AbbVie during the first quarter valued at $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the 1st quarter valued at $35,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie in the 1st quarter worth about $42,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ABBV shares. Evercore ISI boosted their price target on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Citigroup boosted their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a research report on Thursday, August 7th. UBS Group set a $251.00 price objective on AbbVie in a research report on Friday. Finally, Guggenheim increased their target price on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $228.22.

AbbVie Stock Performance

NYSE ABBV opened at $234.07 on Friday. The firm has a market capitalization of $413.49 billion, a P/E ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. 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 firm’s fifty day moving average price is $210.77 and its two-hundred day moving average price is $195.90. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the business earned $2.65 EPS. As a group, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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 dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

Insider Buying and Selling

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated 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 transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Company 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.