Fairscale Capital LLC Takes $86,000 Position in AbbVie Inc. (NYSE:ABBV)

Fairscale Capital LLC acquired a new position in AbbVie Inc. (NYSE:ABBV) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 508 shares of the company’s stock, valued at approximately $86,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of ABBV. Vanguard Group Inc. increased its stake in AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after purchasing an additional 9,978,415 shares during the period. Capital World Investors grew its holdings in shares of AbbVie by 249.1% in the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after purchasing an additional 3,120,310 shares during the last quarter. Capital International Investors increased its stake in shares of AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after buying an additional 3,110,601 shares during the period. TD Asset Management Inc raised its holdings in AbbVie by 156.0% during the 1st quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock valued at $632,619,000 after buying an additional 2,116,997 shares during the last quarter. Finally, Swedbank AB purchased a new stake in AbbVie during the 1st quarter valued at $367,372,000. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In related 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 transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred 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 completion of 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’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 in the company, valued at $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ABBV. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Wednesday, June 5th. BMO Capital Markets lifted their price objective on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Finally, Barclays upped their target price on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $191.64.

AbbVie Stock Down 0.1 %

NYSE:ABBV opened at $193.47 on Monday. 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 firm’s 50-day moving average price is $189.35 and its 200-day moving average price is $175.76. The company has a market capitalization of $341.64 billion, a PE ratio of 57.41, a P/E/G ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95.

AbbVie (NYSE:ABBV) last announced 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. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter last year, the firm earned $2.91 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities analysts predict that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.20%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

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.