AbbVie Inc. $ABBV Shares Acquired by Conning Inc.

Conning Inc. increased its position in AbbVie Inc. (NYSE:ABBV) by 7.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 191,023 shares of the company’s stock after purchasing an additional 12,690 shares during the period. AbbVie accounts for about 1.2% of Conning Inc.’s investment portfolio, making the stock its 24th biggest holding. Conning Inc.’s holdings in AbbVie were worth $35,458,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Marshall & Sullivan Inc. WA acquired a new stake in shares of AbbVie during the 2nd quarter worth approximately $25,000. TD Capital Management LLC raised 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 purchasing an additional 58 shares during the period. Abound Financial LLC acquired a new stake in shares of AbbVie during the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie during the 1st quarter worth approximately $35,000. Finally, Bear Mountain Capital Inc. raised its position in shares of AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $230.88 on Friday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The stock has a market cap of $407.86 billion, a price-to-earnings ratio of 109.94, a PEG ratio of 1.35 and a beta of 0.51. The stock’s 50 day moving average price is $214.84 and its 200 day moving average price is $196.79. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $14.93 billion. During the same period in the previous year, the firm earned $2.65 EPS. AbbVie’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share 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 dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.8%. AbbVie’s payout ratio is presently 312.38%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ABBV shares. BMO Capital Markets increased their price target on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Hsbc Global Res cut AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a report on Wednesday. Bank of America lifted their price target on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a report on Friday, October 3rd. Finally, Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and lifted their price target for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.90.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on 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 in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents 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.