Cidel Asset Management Inc. Purchases 131 Shares of AbbVie Inc. $ABBV

Cidel Asset Management Inc. grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 7,430 shares of the company’s stock after acquiring an additional 131 shares during the quarter. Cidel Asset Management Inc.’s holdings in AbbVie were worth $1,379,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. TD Capital Management LLC lifted its stake in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie in the 2nd quarter valued at about $25,000. Abound Financial LLC bought a new stake in shares of AbbVie in the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie in the 1st quarter valued at about $35,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie in the 1st quarter valued at about $42,000. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% 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.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ABBV shares. UBS Group set a $251.00 target price on AbbVie in a research note on Friday, October 3rd. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a research report on Thursday, August 7th. Raymond James Financial reaffirmed an “outperform” rating and set a $250.00 price target (up previously from $236.00) on shares of AbbVie in a research report on Friday. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and upped their price target for the company from $170.00 to $270.00 in a research report on Wednesday, September 17th. Finally, Cantor Fitzgerald set a $250.00 price target on AbbVie and gave the company an “overweight” rating in a research report on Thursday, October 9th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $234.05.

AbbVie Stock Up 1.2%

ABBV stock opened at $229.66 on Friday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The business’s 50 day moving average price is $217.91 and its two-hundred day moving average price is $197.55. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company has a market capitalization of $405.71 billion, a price-to-earnings ratio of 109.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 last year, the company posted $2.65 EPS. The firm’s revenue was up 6.6% on a year-over-year basis. As a group, analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie’s payout ratio is presently 312.38%.

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.