Migdal Insurance & Financial Holdings Ltd. Acquires 130,043 Shares of AbbVie Inc. $ABBV

Migdal Insurance & Financial Holdings Ltd. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 24,444.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 130,575 shares of the company’s stock after purchasing an additional 130,043 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in AbbVie were worth $24,237,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. TD Capital Management LLC raised its stake in AbbVie by 82.9% in the first 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. Marshall & Sullivan Inc. WA bought a new position in shares of AbbVie during the second quarter worth approximately $25,000. Abound Financial LLC bought a new position in shares of AbbVie during the first quarter worth approximately $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the 1st quarter worth approximately $35,000. Finally, Bear Mountain Capital Inc. lifted its holdings in AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a report on Thursday, August 7th. Raymond James Financial reissued an “outperform” rating and set a $250.00 price target (up from $236.00) on shares of AbbVie in a report on Friday, October 17th. JPMorgan Chase & Co. lifted their price target on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Piper Sandler lifted their price target on AbbVie from $231.00 to $284.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Finally, Wall Street Zen raised AbbVie from a “hold” rating to a “buy” rating in a report on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.80.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.08% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $227.67 on Wednesday. The stock has a market capitalization of $402.19 billion, a PE ratio of 108.41, a P/E/G ratio of 1.44 and a beta of 0.51. 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 business has a fifty day moving average price of $221.56 and a two-hundred day moving average price of $199.96. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81.

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 analyst estimates 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 period in the prior year, the firm earned $2.65 earnings per share. As a group, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

AbbVie Company 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.