Commonwealth Financial Services LLC Acquires 175 Shares of AbbVie Inc. $ABBV

Commonwealth Financial Services LLC lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 2.8% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 6,402 shares of the company’s stock after purchasing an additional 175 shares during the quarter. Commonwealth Financial Services LLC’s holdings in AbbVie were worth $1,188,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Orca Investment Management LLC raised its holdings in shares of AbbVie by 1.9% in the second quarter. Orca Investment Management LLC now owns 4,864 shares of the company’s stock valued at $903,000 after buying an additional 93 shares during the last quarter. CWM LLC raised its holdings in shares of AbbVie by 4.6% in the second quarter. CWM LLC now owns 323,383 shares of the company’s stock valued at $60,026,000 after buying an additional 14,132 shares during the last quarter. Advocate Group LLC raised its holdings in shares of AbbVie by 2.7% in the second quarter. Advocate Group LLC now owns 81,302 shares of the company’s stock valued at $15,091,000 after buying an additional 2,163 shares during the last quarter. OFI Invest Asset Management raised its holdings in AbbVie by 1,796.3% during the 2nd quarter. OFI Invest Asset Management now owns 140,042 shares of the company’s stock worth $25,995,000 after purchasing an additional 132,657 shares during the last quarter. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new position in AbbVie during the 2nd quarter valued at about $4,440,000. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

Shares of ABBV stock opened at $230.88 on Friday. 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 stock has a market cap of $407.86 billion, a PE ratio of 109.94, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. The stock has a 50-day moving average of $214.84 and a 200-day moving average of $196.76. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81.

AbbVie (NYSE:ABBV) last announced 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 net margin of 6.45% and a return on equity of 699.66%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $2.65 earnings per share. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s dividend payout ratio is 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’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 value of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’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 transaction, the executive vice president 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 disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a research report on Thursday, August 7th. Cantor Fitzgerald set a $250.00 target price on shares of AbbVie and gave the company an “overweight” rating in a research report on Thursday. Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and upped their target price for the company from $170.00 to $270.00 in a research report on Wednesday, September 17th. Raymond James Financial restated an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Finally, Evercore ISI upped their target price on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $231.90.

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.