Zullo Investment Group Inc. Acquires 371 Shares of AbbVie Inc. $ABBV

Zullo Investment Group Inc. increased its holdings in AbbVie Inc. (NYSE:ABBV) by 7.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 5,572 shares of the company’s stock after buying an additional 371 shares during the period. Zullo Investment Group Inc.’s holdings in AbbVie were worth $1,034,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ABBV. Brighton Jones LLC increased its position in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC lifted its holdings in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after acquiring an additional 3,064 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of AbbVie by 23.8% in the 1st quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock worth $10,235,000 after acquiring an additional 9,395 shares during the last quarter. Thomasville National Bank boosted its stake in shares of AbbVie by 0.6% during the 1st quarter. Thomasville National Bank now owns 30,080 shares of the company’s stock worth $6,302,000 after purchasing an additional 168 shares during the period. Finally, Sky Investment Group LLC boosted its stake in shares of AbbVie by 0.3% during the 1st quarter. Sky Investment Group LLC now owns 42,844 shares of the company’s stock worth $8,977,000 after purchasing an additional 129 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s 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 sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction dated 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 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 corporate insiders.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of recent analyst reports. Piper Sandler lifted their price target on shares of AbbVie from $231.00 to $284.00 and gave the stock an “overweight” rating in a research note on Friday. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a research note on Thursday, August 7th. Wells Fargo & Company lifted their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and lifted their price target for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Finally, Morgan Stanley lifted their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.90.

AbbVie Trading Up 0.1%

NYSE ABBV opened at $230.88 on Friday. The company’s 50-day moving average price is $214.84 and its 200-day moving average price is $196.79. 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 $407.86 billion, a PE ratio of 109.94, a PEG ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The company 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%.The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.65 earnings per share. Equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current 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 paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie’s dividend payout ratio is 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.