McAdam LLC Boosts Stake in AbbVie Inc. (NYSE:ABBV)

McAdam LLC boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,221 shares of the company’s stock after acquiring an additional 134 shares during the period. McAdam LLC’s holdings in AbbVie were worth $2,954,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $26,000. Able Wealth Management LLC purchased a new stake in AbbVie in the 4th quarter valued at $33,000. IFS Advisors LLC acquired a new stake in shares of AbbVie in the 1st quarter worth $36,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of AbbVie during the 4th quarter worth $37,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie during the 1st quarter valued at about $37,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Up 0.6 %

Shares of NYSE:ABBV traded up $1.18 during trading hours on Friday, reaching $197.55. The stock had a trading volume of 4,720,300 shares, compared to its average volume of 5,492,238. The stock has a market capitalization of $348.85 billion, a price-to-earnings ratio of 58.62, a P/E/G ratio of 2.49 and a beta of 0.64. The firm’s 50 day moving average is $178.93 and its 200-day moving average is $173.16. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $197.98. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

AbbVie (NYSE:ABBV) last posted its quarterly 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 company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. AbbVie’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $2.91 earnings per share. Research analysts predict that AbbVie Inc. will post 10.87 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.14%. The ex-dividend date was Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on 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 of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction on 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 sale, 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. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Morgan Stanley raised their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Truist Financial reaffirmed a “buy” rating and set a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Wells Fargo & Company increased their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Finally, BMO Capital Markets upped their price target on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $191.64.

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.