Armstrong Fleming & Moore Inc Acquires 411 Shares of AbbVie Inc. $ABBV

Armstrong Fleming & Moore Inc boosted its position in AbbVie Inc. (NYSE:ABBV) by 16.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,985 shares of the company’s stock after purchasing an additional 411 shares during the period. Armstrong Fleming & Moore Inc’s holdings in AbbVie were worth $554,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of ABBV. Marshall & Sullivan Inc. WA purchased a new position in AbbVie in the second quarter worth $25,000. TD Capital Management LLC grew its stake in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Abound Financial LLC purchased a new position in shares of AbbVie during the first quarter worth $30,000. Cypress Capital Management LLC WY purchased a new position in AbbVie during the 1st quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. boosted its position in AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

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

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research analyst reports. HSBC set a $225.00 price target on shares of AbbVie in a research note on Thursday, October 2nd. Morgan Stanley boosted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Citigroup upped their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. UBS Group set a $251.00 price objective on shares of AbbVie in a research note on Friday, October 3rd. Finally, Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and increased their target price for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $229.14.

AbbVie Stock Down 0.7%

Shares of NYSE ABBV opened at $231.26 on Thursday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a market cap of $408.53 billion, a price-to-earnings ratio of 110.12, a price-to-earnings-growth ratio of 1.36 and a beta of 0.51. The firm’s 50-day simple moving average is $213.28 and its 200 day simple moving average is $196.43. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81.

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

AbbVie Announces Dividend

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