Signal Tree Financial Partners LLC Invests $407,000 in AbbVie Inc. $ABBV

Signal Tree Financial Partners LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 2,195 shares of the company’s stock, valued at approximately $407,000.

Several other institutional investors also recently modified their holdings of the business. First Hawaiian Bank grew its holdings in AbbVie by 0.8% during the second quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock valued at $1,403,000 after purchasing an additional 60 shares during the period. Narus Financial Partners LLC grew its holdings in AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after purchasing an additional 401 shares during the period. Highland Capital Management LLC grew its holdings in AbbVie by 6.3% during the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock valued at $9,817,000 after purchasing an additional 2,792 shares during the period. Weaver Capital Management LLC grew its holdings in AbbVie by 3.9% during the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock valued at $1,727,000 after purchasing an additional 310 shares during the period. Finally, North Star Asset Management Inc. grew its holdings in AbbVie by 0.5% during the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock valued at $33,800,000 after purchasing an additional 756 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Down 1.1%

ABBV opened at $220.11 on Thursday. The company’s 50 day moving average is $205.07 and its 200-day moving average is $195.21. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $225.16. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market cap of $388.84 billion, a P/E ratio of 104.81, a PEG ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 analyst estimates of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred 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 sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on ABBV shares. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a report on Thursday, August 7th. Bank of America upped their price target on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Piper Sandler initiated coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target for the company. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Finally, Morgan Stanley upped their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $223.45.

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.