Gabelli Funds LLC Buys 350 Shares of AbbVie Inc. (NYSE:ABBV)

Gabelli Funds LLC lifted its stake in AbbVie Inc. (NYSE:ABBV) by 0.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 139,900 shares of the company’s stock after acquiring an additional 350 shares during the quarter. Gabelli Funds LLC’s holdings in AbbVie were worth $23,996,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. Itau Unibanco Holding S.A. raised its position in AbbVie by 4.5% during the second quarter. Itau Unibanco Holding S.A. now owns 9,645 shares of the company’s stock worth $1,654,000 after acquiring an additional 416 shares in the last quarter. Fidelis Capital Partners LLC grew its position in shares of AbbVie by 11.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 22,967 shares of the company’s stock valued at $4,307,000 after acquiring an additional 2,347 shares during the period. Mount Yale Investment Advisors LLC increased its stake in shares of AbbVie by 20.1% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 28,223 shares of the company’s stock worth $4,841,000 after purchasing an additional 4,727 shares during the last quarter. Frank Rimerman Advisors LLC raised its holdings in shares of AbbVie by 72,275.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 26,055 shares of the company’s stock valued at $4,469,000 after purchasing an additional 26,019 shares during the period. Finally, ProShare Advisors LLC lifted its stake in AbbVie by 2.0% in the 2nd quarter. ProShare Advisors LLC now owns 1,309,684 shares of the company’s stock valued at $224,637,000 after purchasing an additional 26,088 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on 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 sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 value of $49,497,875.00. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Trading Down 0.1 %

Shares of ABBV stock opened at $193.47 on Monday. The stock has a market cap of $341.64 billion, a P/E ratio of 57.41, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The stock has a 50 day simple moving average of $189.35 and a 200 day simple moving average of $175.76.

AbbVie (NYSE:ABBV) last released its 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. 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 period in the prior year, the company posted $2.91 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Analyst Ratings Changes

A number of equities analysts have weighed in on ABBV shares. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Morgan Stanley boosted their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Barclays increased their price target on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “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.