Signature Estate & Investment Advisors LLC Acquires 4,279 Shares of AbbVie Inc. (NYSE:ABBV)

Signature Estate & Investment Advisors LLC increased its holdings in AbbVie Inc. (NYSE:ABBV) by 246.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,018 shares of the company’s stock after purchasing an additional 4,279 shares during the period. Signature Estate & Investment Advisors LLC’s holdings in AbbVie were worth $1,032,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in AbbVie by 1.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 519,544 shares of the company’s stock valued at $89,112,000 after acquiring an additional 8,679 shares during the period. First Command Advisory Services Inc. acquired a new position in shares of AbbVie during the second quarter valued at about $979,000. Callan Family Office LLC raised its position in shares of AbbVie by 30.6% during the second quarter. Callan Family Office LLC now owns 3,113 shares of the company’s stock valued at $534,000 after buying an additional 729 shares during the last quarter. Rational Advisors LLC acquired a new position in shares of AbbVie during the second quarter valued at about $253,000. Finally, Verdence Capital Advisors LLC raised its position in shares of AbbVie by 3.5% during the second quarter. Verdence Capital Advisors LLC now owns 21,162 shares of the company’s stock valued at $3,630,000 after buying an additional 718 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research report on Wednesday, June 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. BMO Capital Markets increased their price target on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Finally, 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 report on Friday, July 26th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $191.64.

AbbVie Stock Down 0.7 %

ABBV stock traded down $1.34 during midday trading on Tuesday, hitting $196.10. The company’s stock had a trading volume of 417,302 shares, compared to its average volume of 5,453,234. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $198.30. The company’s fifty day moving average price is $179.49 and its 200 day moving average price is $173.31. The stock has a market capitalization of $346.29 billion, a P/E ratio of 58.61, a PEG ratio of 2.49 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same period in the previous year, the business earned $2.91 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts predict that AbbVie Inc. will post 10.87 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.16%. The ex-dividend date was Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Insider Activity

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

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.