Migdal Insurance & Financial Holdings Ltd. Purchases 130,043 Shares of AbbVie Inc. $ABBV

Migdal Insurance & Financial Holdings Ltd. grew its position in AbbVie Inc. (NYSE:ABBV) by 24,444.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 130,575 shares of the company’s stock after acquiring an additional 130,043 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in AbbVie were worth $24,237,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Marshall & Sullivan Inc. WA bought a new position in shares of AbbVie during the 2nd quarter worth approximately $25,000. TD Capital Management LLC lifted its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the period. Abound Financial LLC bought a new position in shares of AbbVie during the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the 1st quarter worth approximately $35,000. Finally, Bear Mountain Capital Inc. lifted its position in shares of AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’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 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 disclosure for this sale is available in the SEC filing. 0.08% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ABBV. Wells Fargo & Company lifted their price objective on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Guggenheim boosted their target price on AbbVie from $227.00 to $242.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Erste Group Bank downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, Citigroup restated a “neutral” rating on shares of AbbVie in a research report on Monday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $234.80.

AbbVie Stock Down 0.2%

Shares of AbbVie stock opened at $227.67 on Wednesday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The business has a fifty day simple moving average of $221.56 and a 200 day simple moving average of $199.96. The stock has a market cap of $402.19 billion, a PE ratio of 108.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.51.

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

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis 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%.

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.