AbbVie Inc. $ABBV Shares Acquired by Clark Asset Management LLC

Clark Asset Management LLC grew its position in AbbVie Inc. (NYSE:ABBV) by 95.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,406 shares of the company’s stock after purchasing an additional 1,667 shares during the quarter. Clark Asset Management LLC’s holdings in AbbVie were worth $632,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Capital Management LLC grew its position in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new position in shares of AbbVie in the 2nd quarter valued at $25,000. Abound Financial LLC purchased a new position in shares of AbbVie in the 1st quarter valued at $30,000. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie in the 1st quarter valued at $35,000. Finally, Bear Mountain Capital Inc. grew its position in shares of AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Piper Sandler increased their target price on shares of AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Citigroup reaffirmed a “neutral” rating on shares of AbbVie in a research report on Monday, October 13th. Hsbc Global Res downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Wells Fargo & Company increased their target price on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Finally, Bank of America raised their price objective on shares of AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research report on Friday, October 3rd. Two 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $234.80.

AbbVie Trading Down 0.0%

Shares of AbbVie stock opened at $227.98 on Tuesday. The company has a market capitalization of $402.73 billion, a P/E ratio of 108.56, a PEG ratio of 1.44 and a beta of 0.51. The company’s fifty day moving average is $221.13 and its two-hundred day moving average is $199.58. 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 1 year low of $163.81 and a 1 year high of $244.81.

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

AbbVie Dividend Announcement

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

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 sale, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 completion of the sale, 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 disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

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.