Turtle Creek Wealth Advisors LLC Invests $1.70 Million in AbbVie Inc. $ABBV

Turtle Creek Wealth Advisors LLC bought a new position in AbbVie Inc. (NYSE:ABBV) in the 2nd quarter, Holdings Channel.com reports. The fund bought 9,149 shares of the company’s stock, valued at approximately $1,698,000.

Several other hedge funds and other institutional investors also recently modified their holdings of ABBV. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie in the 2nd quarter worth about $25,000. TD Capital Management LLC increased 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 worth $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC bought a new stake in shares of AbbVie in the 1st quarter worth about $30,000. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the 1st quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. grew its position in shares of AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ABBV shares. BMO Capital Markets boosted their price objective on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Citigroup reaffirmed a “neutral” rating on shares of AbbVie in a research report on Monday. Guggenheim boosted their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Finally, Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $231.90.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Price Performance

NYSE ABBV opened at $226.31 on Thursday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. 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 stock 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 two-hundred day moving average price of $197.32.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the company posted $2.65 EPS. Analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

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

AbbVie Company 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.