Invesco LLC Grows Holdings in AbbVie Inc. $ABBV

Invesco LLC boosted its stake in AbbVie Inc. (NYSE:ABBV) by 59.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,631 shares of the company’s stock after acquiring an additional 605 shares during the period. Invesco LLC’s holdings in AbbVie were worth $303,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Kelly Financial Services LLC increased its position in shares of AbbVie by 10.1% in the 2nd quarter. Kelly Financial Services LLC now owns 1,807 shares of the company’s stock worth $335,000 after purchasing an additional 166 shares during the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its position in shares of AbbVie by 204.4% during the second quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 17,102 shares of the company’s stock worth $3,174,000 after purchasing an additional 11,484 shares during the last quarter. Moss Adams Wealth Advisors LLC grew its stake in AbbVie by 6.0% in the second quarter. Moss Adams Wealth Advisors LLC now owns 6,610 shares of the company’s stock worth $1,227,000 after purchasing an additional 373 shares in the last quarter. GC Wealth Management RIA LLC raised its stake in AbbVie by 292.2% during the second quarter. GC Wealth Management RIA LLC now owns 29,969 shares of the company’s stock valued at $5,563,000 after buying an additional 22,327 shares in the last quarter. Finally, Enclave Advisors LLC raised its stake in AbbVie by 7.1% during the second quarter. Enclave Advisors LLC now owns 3,557 shares of the company’s stock valued at $660,000 after buying an additional 235 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 1.1%

Shares of NYSE:ABBV opened at $222.93 on Tuesday. The firm has a 50 day simple moving average of $207.00 and a 200 day simple moving average of $195.12. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $225.16. The company has a market cap of $393.82 billion, a PE ratio of 106.16, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53.

AbbVie (NYSE:ABBV) last issued 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 business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the business earned $2.65 EPS. As a group, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors 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 is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ABBV shares. BMO Capital Markets upped 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. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a report on Thursday, August 7th. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Finally, Evercore ISI increased their price objective on shares of AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $223.45.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

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.