Delta Investment Management LLC Buys 154 Shares of AbbVie Inc. (NYSE:ABBV)

Delta Investment Management LLC increased its position in AbbVie Inc. (NYSE:ABBV) by 4.2% during the 2nd quarter, Holdings Channel reports. The firm owned 3,788 shares of the company’s stock after acquiring an additional 154 shares during the quarter. Delta Investment Management LLC’s holdings in AbbVie were worth $650,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie during the fourth quarter valued at $26,000. Fairway Wealth LLC purchased a new position in AbbVie during the 2nd quarter valued at about $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the 2nd quarter valued at about $27,000. Able Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter valued at about $33,000. Finally, IFS Advisors LLC purchased a new stake in shares of AbbVie in the 1st quarter worth approximately $36,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ABBV. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Barclays boosted their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. HSBC raised shares of 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. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, BMO Capital Markets lifted their price target on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $191.64.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $191.29 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The company’s 50 day moving average is $190.36 and its 200 day moving average is $175.96. The company has a market cap of $337.79 billion, a PE ratio of 56.76, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm’s revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.91 earnings per share. On average, sell-side analysts forecast that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.24%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the 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 sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’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 sale, 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. 0.25% of the stock is currently owned by corporate 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.