Patriot Financial Group Insurance Agency LLC Boosts Holdings in AbbVie Inc. $ABBV

Patriot Financial Group Insurance Agency LLC grew its position in AbbVie Inc. (NYSE:ABBV) by 12.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,007 shares of the company’s stock after buying an additional 566 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in AbbVie were worth $929,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Marshall & Sullivan Inc. WA acquired a new position in shares of AbbVie in the 2nd quarter worth approximately $25,000. TD Capital Management LLC lifted its holdings in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie in the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie in the 1st quarter worth approximately $35,000. Finally, Inlight Wealth Management LLC acquired a new position in shares of AbbVie in the 1st quarter worth approximately $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction 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 directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on Tuesday, August 12th. The shares were 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 directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Trading Down 1.1%

Shares of NYSE:ABBV opened at $234.07 on Friday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The company’s 50 day moving average is $210.77 and its two-hundred day moving average is $196.01. 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 company has a market cap of $413.49 billion, a PE ratio of 111.46, a P/E/G ratio of 1.38 and a beta of 0.51.

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 analysts’ expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.65 earnings per share. Equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Analyst Ratings Changes

Several brokerages have recently commented on ABBV. Hsbc Global Res lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Guggenheim increased their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a report on Friday, August 1st. UBS Group set a $251.00 price target on shares of AbbVie in a research report on Friday. Finally, Evercore ISI raised 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. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $228.22.

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.