Drexel Morgan & Co. lifted its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 18.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,900 shares of the company’s stock after buying an additional 291 shares during the quarter. Drexel Morgan & Co.’s holdings in AbbVie were worth $326,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Fairway Wealth LLC purchased a new position in shares of AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie in the 2nd quarter valued at $27,000. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie during the fourth quarter worth about $26,000. IFS Advisors LLC purchased a new stake in AbbVie in the first quarter valued at approximately $36,000. Finally, Redmont Wealth Advisors LLC purchased a new position in AbbVie during the 1st quarter valued at about $37,000. Institutional investors and hedge funds own 70.23% of the company’s stock.
Insider Buying and Selling at AbbVie
In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction 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 completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.
Analyst Upgrades and Downgrades
Read Our Latest Stock Report on ABBV
AbbVie Stock Performance
Shares of ABBV opened at $193.63 on Friday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The company’s 50 day moving average price is $188.89 and its 200 day moving average price is $175.71. The company has a market capitalization of $341.93 billion, a PE ratio of 57.46, a PEG ratio of 2.66 and a beta of 0.64.
AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS 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 analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.91 earnings per share. Research analysts expect that AbbVie Inc. will post 10.86 EPS for the current fiscal year.
AbbVie Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid 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 of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.
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.
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