AbbVie Inc. $ABBV Shares Acquired by Cerro Pacific Wealth Advisors LLC

Cerro Pacific Wealth Advisors LLC increased its stake in AbbVie Inc. (NYSE:ABBV) by 4.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,364 shares of the company’s stock after buying an additional 241 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in AbbVie were worth $996,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of ABBV. Nuveen LLC acquired a new stake in shares of AbbVie in the first quarter valued at about $1,819,154,000. Assenagon Asset Management S.A. grew its stake in AbbVie by 550.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after purchasing an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in AbbVie during the 2nd quarter valued at approximately $581,817,000. Finally, Bessemer Group Inc. grew its stake in AbbVie by 147.6% during the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock valued at $576,800,000 after purchasing an additional 1,641,091 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ABBV shares. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and upped their price target for the company from $170.00 to $270.00 in a research report on Wednesday, September 17th. Hsbc Global Res lowered AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Wall Street Zen lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday. Guggenheim upped their price target on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Finally, Cantor Fitzgerald set a $250.00 price target on AbbVie and gave the company an “overweight” rating in a research report on Thursday. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $231.90.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Stock Up 0.1%

Shares of AbbVie stock opened at $230.88 on Friday. The business’s fifty day moving average price is $214.84 and its two-hundred day moving average price is $196.76. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company has a market capitalization of $407.86 billion, a P/E ratio of 109.94, a PEG ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.65 EPS. As a group, research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

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.