Summit Trail Advisors LLC Acquires 2,924 Shares of AbbVie Inc. (NYSE:ABBV)

Summit Trail Advisors LLC grew its holdings in AbbVie Inc. (NYSE:ABBV) by 16.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,558 shares of the company’s stock after buying an additional 2,924 shares during the quarter. Summit Trail Advisors LLC’s holdings in AbbVie were worth $3,526,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Fairway Wealth LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new position in AbbVie in the 2nd quarter valued at $27,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of AbbVie in the 4th quarter valued at $26,000. IFS Advisors LLC bought a new stake in shares of AbbVie during the first quarter worth $36,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie during the first quarter valued at $37,000. 70.23% of the stock is owned by institutional investors.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s 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 transaction, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s 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 completion of the transaction, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Wells Fargo & Company boosted their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Barclays increased their price objective on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Finally, Truist Financial reissued a “buy” rating and issued a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $191.64.

AbbVie Stock Performance

Shares of AbbVie stock opened at $193.46 on Friday. 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 cap of $341.62 billion, a price-to-earnings ratio of 57.41, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The stock’s 50-day moving average is $189.35 and its 200-day moving average is $175.82.

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 analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm posted $2.91 EPS. The business’s revenue was up 4.3% on a year-over-year basis. Equities analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced 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. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.20%. AbbVie’s payout ratio is presently 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.