Mill Creek Capital Advisors LLC Increases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Mill Creek Capital Advisors LLC increased its holdings in AbbVie Inc. (NYSE:ABBV) by 9.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,737 shares of the company’s stock after buying an additional 316 shares during the period. Mill Creek Capital Advisors LLC’s holdings in AbbVie were worth $641,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ABBV. Gilbert & Cook Inc. grew its holdings in AbbVie by 9.8% during the 4th quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock valued at $1,502,000 after buying an additional 861 shares during the last quarter. Aveo Capital Partners LLC increased its position in AbbVie by 5.1% during the 4th quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock worth $666,000 after purchasing an additional 210 shares in the last quarter. 9258 Wealth Management LLC raised its stake in AbbVie by 1.7% in the 4th quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock valued at $2,620,000 after purchasing an additional 283 shares during the last quarter. Gryphon Financial Partners LLC lifted its holdings in AbbVie by 1.9% in the 4th quarter. Gryphon Financial Partners LLC now owns 84,249 shares of the company’s stock valued at $12,972,000 after purchasing an additional 1,531 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of AbbVie by 19.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 207,569 shares of the company’s stock worth $32,167,000 after purchasing an additional 33,489 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the 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 $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated 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 of the company’s stock, valued at $89,792,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ABBV has been the topic of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. BMO Capital Markets raised their price target on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Finally, HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Two equities research 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $191.64.

AbbVie Trading Down 0.1 %

NYSE:ABBV opened at $193.60 on Wednesday. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. The business’s 50-day moving average is $190.36 and its two-hundred day moving average is $175.96. 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 has a market capitalization of $341.87 billion, a PE ratio of 57.45, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64.

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

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors 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 3.20%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

AbbVie 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.