Daymark Wealth Partners LLC Buys 2,276 Shares of AbbVie Inc. $ABBV

Daymark Wealth Partners LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,814 shares of the company’s stock after purchasing an additional 2,276 shares during the quarter. Daymark Wealth Partners LLC’s holdings in AbbVie were worth $15,186,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Nuveen LLC acquired a new position in AbbVie in the first quarter valued at approximately $1,819,154,000. Assenagon Asset Management S.A. lifted its holdings in AbbVie by 550.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after buying an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. lifted its holdings in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after buying an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in AbbVie in the second quarter valued at approximately $581,817,000. Finally, Invesco Ltd. lifted its holdings in AbbVie by 17.5% in the first quarter. Invesco Ltd. now owns 8,367,049 shares of the company’s stock valued at $1,753,064,000 after buying an additional 1,246,863 shares during the period. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ABBV. Citigroup reissued a “neutral” rating on shares of AbbVie in a research report on Monday, October 13th. Wells Fargo & Company lifted their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Cantor Fitzgerald set a $250.00 price target on shares of AbbVie and gave the stock an “overweight” rating in a research report on Thursday, October 9th. BMO Capital Markets lifted their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Finally, UBS Group set a $251.00 price target on shares of AbbVie in a research report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $234.80.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction dated 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. This trade represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.08% of the stock is owned by company insiders.

AbbVie Trading Down 0.2%

AbbVie stock opened at $227.67 on Wednesday. The firm has a 50-day moving average of $221.56 and a 200-day moving average of $199.96. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. 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 cap of $402.19 billion, a price-to-earnings ratio of 108.41, a P/E/G ratio of 1.44 and a beta of 0.51.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 company had revenue of $15.42 billion during 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%. AbbVie’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.65 EPS. On average, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie’s dividend payout ratio (DPR) 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.