Tortoise Investment Management LLC Has $190,000 Stock Position in AbbVie Inc. (NYSE:ABBV)

Tortoise Investment Management LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 9.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,105 shares of the company’s stock after acquiring an additional 99 shares during the quarter. Tortoise Investment Management LLC’s holdings in AbbVie were worth $190,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ridgewood Investments LLC bought a new stake in shares of AbbVie during the second quarter worth $27,000. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie in the fourth quarter worth about $26,000. IFS Advisors LLC bought a new stake in AbbVie during the 1st quarter worth about $36,000. Redmont Wealth Advisors LLC acquired a new position in AbbVie during the 1st quarter valued at about $37,000. Finally, Able Wealth Management LLC acquired a new position in AbbVie during the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Up 0.7 %

Shares of AbbVie stock opened at $197.65 on Wednesday. The company has a market capitalization of $349.02 billion, a P/E ratio of 58.65, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The business has a 50-day moving average of $182.45 and a two-hundred day moving average of $174.21. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the prior year, the business earned $2.91 EPS. AbbVie’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts predict that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were given a $1.55 dividend. The ex-dividend date was Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.14%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ABBV. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. Piper Sandler lifted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Truist Financial reissued a “buy” rating and issued a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Wells Fargo & Company raised their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Barclays upped their price objective on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $191.64.

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.