Resonant Capital Advisors LLC Raises Holdings in AbbVie Inc. $ABBV

Resonant Capital Advisors LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 6.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,546 shares of the company’s stock after acquiring an additional 1,009 shares during the quarter. Resonant Capital Advisors LLC’s holdings in AbbVie were worth $2,886,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. New Hampshire Trust raised its position in shares of AbbVie by 2.2% in the second quarter. New Hampshire Trust now owns 36,011 shares of the company’s stock worth $6,684,000 after acquiring an additional 763 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of AbbVie by 2.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 181,214 shares of the company’s stock valued at $33,637,000 after acquiring an additional 3,574 shares in the last quarter. Ballast Advisors LLC boosted its stake in AbbVie by 2.9% during the 2nd quarter. Ballast Advisors LLC now owns 2,427 shares of the company’s stock worth $451,000 after purchasing an additional 69 shares during the last quarter. Conservest Capital Advisors Inc. boosted its position in AbbVie by 4.7% during the second quarter. Conservest Capital Advisors Inc. now owns 1,258 shares of the company’s stock worth $233,000 after acquiring an additional 57 shares during the last quarter. Finally, Fiduciary Wealth Partners LLC boosted its holdings in shares of AbbVie by 43.5% during the 2nd quarter. Fiduciary Wealth Partners LLC now owns 1,658 shares of the company’s stock worth $308,000 after purchasing an additional 503 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Trading Down 0.1%

Shares of ABBV stock opened at $228.06 on Friday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The company has a 50 day moving average price of $220.69 and a 200 day moving average price of $199.11. The stock has a market capitalization of $402.87 billion, a P/E ratio of 108.60, a price-to-earnings-growth ratio of 1.44 and a beta of 0.51. 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 (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for 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%.AbbVie’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.65 earnings per share. Equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. UBS Group set a $251.00 price objective on shares of AbbVie in a report on Friday, October 3rd. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a report on Thursday, August 7th. Wall Street Zen upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a report on Saturday. Morgan Stanley increased their target price 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. Finally, Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and lifted their price target for the company from $170.00 to $270.00 in a research report on Wednesday, September 17th. Two equities research 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 company has an average rating of “Moderate Buy” and an average price target of $234.80.

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.