iA Global Asset Management Inc. Boosts Stock Position in AbbVie Inc. (NYSE:ABBV)

iA Global Asset Management Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 18.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,130 shares of the company’s stock after buying an additional 13,887 shares during the period. iA Global Asset Management Inc.’s holdings in AbbVie were worth $15,631,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ABBV. American National Bank boosted its holdings in AbbVie by 4.8% in the fourth quarter. American National Bank now owns 59,392 shares of the company’s stock valued at $9,204,000 after purchasing an additional 2,695 shares in the last quarter. AXS Investments LLC boosted its holdings in shares of AbbVie by 3.3% in the 4th quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock valued at $1,477,000 after buying an additional 307 shares in the last quarter. TCI Wealth Advisors Inc. boosted its holdings in shares of AbbVie by 1.0% in the 4th quarter. TCI Wealth Advisors Inc. now owns 17,043 shares of the company’s stock valued at $2,641,000 after buying an additional 165 shares in the last quarter. Mizuho Markets Americas LLC grew its position in shares of AbbVie by 33.4% in the 4th quarter. Mizuho Markets Americas LLC now owns 30,914 shares of the company’s stock valued at $4,791,000 after buying an additional 7,737 shares during the last quarter. Finally, West Coast Financial LLC lifted its position in AbbVie by 9.7% in the first quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock valued at $287,000 after acquiring an additional 140 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

NYSE:ABBV traded up $1.07 during mid-day trading on Friday, reaching $196.25. The stock had a trading volume of 3,820,745 shares, compared to its average volume of 5,441,654. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $198.30. The business has a 50 day simple moving average of $181.44 and a 200 day simple moving average of $173.93. The firm has a market capitalization of $346.55 billion, a price-to-earnings ratio of 58.23, a PEG ratio of 2.49 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 186.82% 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 last year, the firm earned $2.91 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, analysts expect that AbbVie Inc. will post 10.87 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were paid a dividend of $1.55 per share. The ex-dividend date was Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.16%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on ABBV shares. Truist Financial reaffirmed a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Wells Fargo & Company boosted their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Morgan Stanley lifted their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $191.64.

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.