Aire Advisors LLC Increases Stake in AbbVie Inc. $ABBV

Aire Advisors LLC lifted its stake in AbbVie Inc. (NYSE:ABBV) by 18.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,002 shares of the company’s stock after purchasing an additional 306 shares during the quarter. Aire Advisors LLC’s holdings in AbbVie were worth $372,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Marshall & Sullivan Inc. WA purchased a new position in shares of AbbVie in the 2nd quarter valued at approximately $25,000. TD Capital Management LLC raised its position 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 purchasing an additional 58 shares during the last quarter. Abound Financial LLC purchased a new position in shares of AbbVie in the 1st quarter valued at approximately $30,000. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie in the 1st quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. raised its position in shares of AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Guggenheim raised their price target on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. BMO Capital Markets raised their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Bank of America raised their price target on shares of AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research report on Friday, October 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company raised their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $231.90.

AbbVie Price Performance

NYSE:ABBV opened at $226.31 on Thursday. 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 cap of $399.80 billion, a price-to-earnings ratio of 107.77, a price-to-earnings-growth ratio of 1.48 and a beta of 0.51. The company has a 50 day moving average price of $216.72 and a 200-day moving average price of $197.32. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion for 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%. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned $2.65 earnings per share. Equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred 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 transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $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. 0.25% of the stock is owned by insiders.

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.