Iron Triangle Partners LP Invests $66.46 Million in AbbVie Inc. (NYSE:ABBV)

Iron Triangle Partners LP purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 374,012 shares of the company’s stock, valued at approximately $66,462,000. AbbVie makes up approximately 7.3% of Iron Triangle Partners LP’s portfolio, making the stock its 4th largest holding.

Other large investors have also recently added to or reduced their stakes in the company. Fiduciary Advisors Inc. acquired a new position in AbbVie during the 4th quarter valued at approximately $29,000. EnRich Financial Partners LLC boosted its holdings in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after acquiring an additional 110 shares during the period. Promus Capital LLC acquired a new stake in shares of AbbVie in the 4th quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie in the 4th quarter valued at about $31,000. Finally, Prudent Man Investment Management Inc. acquired a new position in AbbVie during the 4th quarter valued at about $32,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Down 0.7 %

Shares of ABBV opened at $184.30 on Friday. The business’s 50-day moving average price is $194.23 and its 200 day moving average price is $187.23. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The stock has a market capitalization of $326.02 billion, a P/E ratio of 76.79, a P/E/G ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $2.31 earnings per share. Analysts expect 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 Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.56%. AbbVie’s payout ratio is currently 279.15%.

Insider Transactions at AbbVie

In related news, EVP Perry C. Siatis sold 5,778 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the sale, the executive vice president now directly owns 22,381 shares in the company, valued at approximately $4,429,199.90. This trade represents a 20.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kevin K. Buckbee sold 18,944 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the transaction, the senior vice president now owns 11,496 shares in the company, valued at approximately $2,338,401.36. This represents a 62.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,471 shares of company stock valued at $23,426,451 over the last quarter. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Raymond James reaffirmed an “outperform” rating and set a $220.00 target price (up previously from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Citigroup increased their price target on AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Truist Financial lifted their price objective on shares of AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $211.41.

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.