Trust Investment Advisors Takes $242,000 Position in AbbVie Inc. (NYSE:ABBV)

Trust Investment Advisors bought a new stake in AbbVie Inc. (NYSE:ABBV) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 1,413 shares of the company’s stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Brighton Jones LLC boosted its holdings in AbbVie by 2.5% in the second quarter. Brighton Jones LLC now owns 19,721 shares of the company’s stock worth $3,383,000 after acquiring an additional 477 shares in the last quarter. UP Strategic Wealth Investment Advisors LLC raised its position in shares of AbbVie by 13.7% during the second quarter. UP Strategic Wealth Investment Advisors LLC now owns 1,873 shares of the company’s stock worth $321,000 after purchasing an additional 225 shares during the period. Concorde Asset Management LLC raised its position in shares of AbbVie by 2.6% during the second quarter. Concorde Asset Management LLC now owns 3,151 shares of the company’s stock worth $540,000 after purchasing an additional 81 shares during the period. Miramar Capital LLC lifted its holdings in shares of AbbVie by 0.7% in the 2nd quarter. Miramar Capital LLC now owns 102,841 shares of the company’s stock worth $17,639,000 after purchasing an additional 764 shares in the last quarter. Finally, Altrius Capital Management Inc grew its position in AbbVie by 5.9% in the 2nd quarter. Altrius Capital Management Inc now owns 26,014 shares of the company’s stock valued at $4,462,000 after purchasing an additional 1,453 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

ABBV opened at $193.63 on Friday. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The firm has a 50-day moving average of $188.89 and a 200 day moving average of $175.71. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The firm has a market cap of $341.93 billion, a P/E ratio of 57.46, a PEG ratio of 2.66 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released its 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. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.91 EPS. On average, research analysts expect that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Barclays upped their price objective on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Wells Fargo & Company raised their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Finally, Truist Financial reiterated a “buy” rating and set a $210.00 price target (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $191.64.

Insider Buying and Selling at AbbVie

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

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.