Mackenzie Financial Corp Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Mackenzie Financial Corp raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 11.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 2,307,363 shares of the company’s stock after buying an additional 227,957 shares during the period. Mackenzie Financial Corp’s holdings in AbbVie were worth $395,759,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $26,000. Fairway Wealth LLC acquired a new position in AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie during the 2nd quarter worth $27,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at $33,000. Finally, IFS Advisors LLC acquired a new position in AbbVie in the first quarter valued at $36,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $191.93 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The business has a 50 day moving average price of $190.68 and a two-hundred day moving average price of $176.07. The firm has a market cap of $338.92 billion, a PE ratio of 56.95, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the business earned $2.91 EPS. Sell-side analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current fiscal 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 issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Wall Street Analysts Forecast Growth

Several analysts have commented on ABBV shares. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Morgan Stanley lifted their price target on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Barclays upped their price target on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $210.00 price objective (up from $195.00) on shares of AbbVie in a research note 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 stock. According to data from MarketBeat, AbbVie has a consensus rating of “Buy” and an average target price of $191.64.

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.