AbbVie Inc. (NYSE:ABBV) Position Increased by Tortoise Investment Management LLC

Tortoise Investment Management LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 9.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,105 shares of the company’s stock after purchasing an additional 99 shares during the period. Tortoise Investment Management LLC’s holdings in AbbVie were worth $190,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie during the fourth quarter valued at $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the second quarter worth about $27,000. Able Wealth Management LLC bought a new position in shares of AbbVie during the fourth quarter worth about $33,000. IFS Advisors LLC bought a new position in shares of AbbVie during the first quarter worth about $36,000. Finally, Ables Iannone Moore & Associates Inc. bought a new position in shares of AbbVie during the fourth quarter worth about $37,000. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

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

AbbVie Stock Performance

ABBV stock opened at $197.65 on Wednesday. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The company has a market capitalization of $349.02 billion, a P/E ratio of 58.65, a PEG ratio of 2.68 and a beta of 0.64. The company has a 50-day simple moving average of $182.45 and a 200 day simple moving average of $174.21.

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

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’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 completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now 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 can be accessed through 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 transaction of $49,497,875.00. Following the transaction, the chairman now 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 corporate 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.