GSG Advisors LLC Acquires New Position in AbbVie Inc. $ABBV

GSG Advisors LLC acquired a new stake in AbbVie Inc. (NYSE:ABBV) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 1,178 shares of the company’s stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. TD Capital Management LLC grew its holdings in shares of AbbVie by 82.9% during the first 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 acquired a new position in shares of AbbVie during the first quarter worth approximately $30,000. Siemens Fonds Invest GmbH boosted its position in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after buying an additional 119,141 shares during the period. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie during the first quarter worth approximately $35,000. Finally, Pinney & Scofield Inc. acquired a new position in shares of AbbVie during the fourth quarter worth approximately $36,000. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ABBV has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price objective on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. BMO Capital Markets upped their target price on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Cantor Fitzgerald upped their target price on AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $220.43.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s 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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 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 owned 177,292 shares of the company’s stock, valued at $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 0.08% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $216.27 on Wednesday. The company’s fifty day moving average is $201.39 and its two-hundred day moving average is $194.66. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $221.76. The company has a market cap of $382.05 billion, a P/E ratio of 102.99, a price-to-earnings-growth ratio of 1.40 and a beta of 0.53.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the firm earned $2.65 earnings per share. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors 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 yield of 3.0%. 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.