RFG Advisory LLC Grows Position in AbbVie Inc. $ABBV

RFG Advisory LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 6.2% in the second quarter, HoldingsChannel.com reports. The firm owned 40,824 shares of the company’s stock after acquiring an additional 2,380 shares during the quarter. RFG Advisory LLC’s holdings in AbbVie were worth $7,578,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ABBV. Marshall & Sullivan Inc. WA acquired a new position in AbbVie during the 2nd quarter worth about $25,000. TD Capital Management LLC lifted its stake in 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 acquiring an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new position in AbbVie during the 1st quarter worth about $35,000. Finally, Bear Mountain Capital Inc. lifted its stake in 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 acquiring an additional 173 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated 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 completion of 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ABBV. Evercore ISI increased their target price on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. JPMorgan Chase & Co. increased their target price on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. BMO Capital Markets increased their price target on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Finally, Bank of America increased their price target on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average target price of $231.90.

AbbVie Price Performance

ABBV stock opened at $230.36 on Tuesday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The firm has a market capitalization of $406.94 billion, a P/E ratio of 109.70, a P/E/G ratio of 1.42 and a beta of 0.51. The business’s 50-day moving average is $215.50 and its two-hundred day moving average is $196.89. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81.

AbbVie (NYSE:ABBV) last released 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. Analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s dividend 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.