AbbVie Inc. (NYSE:ABBV) Shares Purchased by Columbia Asset Management

Columbia Asset Management increased its holdings in AbbVie Inc. (NYSE:ABBV) by 0.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 40,537 shares of the company’s stock after purchasing an additional 172 shares during the quarter. AbbVie accounts for about 1.3% of Columbia Asset Management’s holdings, making the stock its 20th largest holding. Columbia Asset Management’s holdings in AbbVie were worth $6,953,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie in the fourth quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the 2nd quarter valued at $27,000. Able Wealth Management LLC acquired a new stake in AbbVie during the 4th quarter worth $33,000. IFS Advisors LLC purchased a new stake in shares of AbbVie during the first quarter worth $36,000. Finally, Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie in the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’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 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 SEC, which is accessible through the SEC website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was 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 directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Performance

Shares of ABBV opened at $192.71 on Friday. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The stock has a market capitalization of $340.30 billion, a PE ratio of 57.18, a PEG ratio of 2.68 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a 50-day simple moving average of $183.44 and a 200-day simple moving average of $174.50.

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

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders 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 annualized dividend and a yield of 3.22%. AbbVie’s dividend payout ratio is currently 183.98%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ABBV shares. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research report on Wednesday, June 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. BMO Capital Markets lifted their price target on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Finally, Truist Financial reiterated a “buy” rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $191.64.

AbbVie Company 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.