Buttonwood Financial Advisors Inc. increased its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 49.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,465 shares of the company’s stock after acquiring an additional 1,152 shares during the period. Buttonwood Financial Advisors Inc.’s holdings in AbbVie were worth $467,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Thompson Investment Management Inc. grew its holdings in AbbVie by 5.5% during the second quarter. Thompson Investment Management Inc. now owns 40,286 shares of the company’s stock worth $5,428,000 after acquiring an additional 2,084 shares during the period. Verity & Verity LLC grew its holdings in AbbVie by 11.5% during the second quarter. Verity & Verity LLC now owns 158,673 shares of the company’s stock worth $21,378,000 after acquiring an additional 16,307 shares during the period. Delta Financial Group Inc. grew its holdings in AbbVie by 15.0% during the second quarter. Delta Financial Group Inc. now owns 6,623 shares of the company’s stock worth $892,000 after acquiring an additional 866 shares during the period. Tsfg LLC increased its stake in AbbVie by 0.8% in the 2nd quarter. Tsfg LLC now owns 124,641 shares of the company’s stock worth $16,793,000 after purchasing an additional 932 shares in the last quarter. Finally, Fragasso Group Inc. increased its stake in AbbVie by 2.3% in the 2nd quarter. Fragasso Group Inc. now owns 11,965 shares of the company’s stock worth $1,612,000 after purchasing an additional 271 shares in the last quarter. 67.86% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on ABBV. Piper Sandler lifted their price target on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Credit Suisse Group dropped their price target on AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. Piper Jaffray Companies lifted their price target on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. HSBC started coverage on AbbVie in a research report on Friday, July 14th. They set a “buy” rating and a $167.00 price objective for the company. Finally, TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a research report on Monday, August 28th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $165.79.
AbbVie Stock Down 1.0 %
Shares of AbbVie stock opened at $152.12 on Friday. The firm has a market cap of $268.50 billion, a price-to-earnings ratio of 31.30, a P/E/G ratio of 2.74 and a beta of 0.58. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $168.11. The stock has a 50-day simple moving average of $146.42 and a 200-day simple moving average of $147.50.
AbbVie (NYSE:ABBV – Get Free Report) last posted its earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The firm had revenue of $13.87 billion during the quarter, compared to analyst estimates of $13.52 billion. On average, equities research analysts expect that AbbVie Inc. will post 11.03 earnings per share for the current fiscal year.
AbbVie Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be given a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio is currently 121.81%.
Insiders Place Their Bets
In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of AbbVie stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $149.15, for a total value of $2,759,275.00. Following the transaction, the chief executive officer now directly owns 625,294 shares of the company’s stock, valued at approximately $93,262,600.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.26% of the company’s stock.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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