Lee Danner & Bass Inc. Invests $3.05 Million in AbbVie Inc. (NYSE:ABBV)

Lee Danner & Bass Inc. bought a new position in AbbVie Inc. (NYSE:ABBV) during the second quarter, Holdings Channel.com reports. The firm bought 17,804 shares of the company’s stock, valued at approximately $3,054,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie in the 4th quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the second quarter valued at approximately $27,000. Able Wealth Management LLC purchased a new position in AbbVie in the fourth quarter valued at approximately $33,000. IFS Advisors LLC purchased a new position in AbbVie in the first quarter valued at approximately $36,000. Finally, Ables Iannone Moore & Associates Inc. purchased a new position in AbbVie in the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock traded up $1.07 during trading on Friday, hitting $196.25. The stock had a trading volume of 3,820,745 shares, compared to its average volume of 5,441,654. The firm has a market cap of $346.55 billion, a price-to-earnings ratio of 58.23, a P/E/G ratio of 2.49 and a beta of 0.64. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $198.30. The business’s 50-day moving average is $181.44 and its 200 day moving average is $173.93. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last released its quarterly earnings results 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 firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.91 earnings per share. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.87 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were paid a $1.55 dividend. The ex-dividend date was Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.16%. AbbVie’s dividend payout ratio is presently 183.98%.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on 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 transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $12,403,580.00. Following the sale, the chairman now 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 owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Truist Financial reiterated a “buy” rating and issued a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Morgan Stanley upped their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Finally, Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus 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.