Brookstone Capital Management Has $17.36 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Brookstone Capital Management lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 87,894 shares of the company’s stock after selling 294 shares during the quarter. Brookstone Capital Management’s holdings in AbbVie were worth $17,357,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ABBV. Vanguard Group Inc. raised its stake in AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after purchasing an additional 9,978,415 shares in the last quarter. Capital World Investors raised its stake in AbbVie by 249.1% in the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after purchasing an additional 3,120,310 shares in the last quarter. Capital International Investors raised its stake in AbbVie by 6.9% in the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after purchasing an additional 3,110,601 shares in the last quarter. TD Asset Management Inc raised its stake in AbbVie by 156.0% in the 1st quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock worth $632,619,000 after purchasing an additional 2,116,997 shares in the last quarter. Finally, Swedbank AB acquired a new stake in AbbVie in the 1st quarter worth about $367,372,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ABBV. Barclays boosted their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday. Truist Financial restated a “buy” rating and issued a $210.00 target price (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Morgan Stanley boosted their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, BMO Capital Markets boosted their target price 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. Two equities research 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $194.67.

AbbVie Stock Performance

ABBV opened at $192.99 on Wednesday. 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 company’s fifty day moving average price is $193.58 and its two-hundred day moving average price is $176.95. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The company has a market cap of $340.79 billion, a price-to-earnings ratio of 57.27, a PEG ratio of 2.65 and a beta of 0.63.

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

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.21%. AbbVie’s payout ratio is 183.98%.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated 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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other AbbVie 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 transaction, the chairman now owns 513,099 shares in the company, valued at $89,792,325. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

About AbbVie

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.