Tanager Wealth Management LLP Acquires 273 Shares of AbbVie Inc. $ABBV

Tanager Wealth Management LLP lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 6.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,338 shares of the company’s stock after acquiring an additional 273 shares during the period. Tanager Wealth Management LLP’s holdings in AbbVie were worth $805,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in AbbVie by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock valued at $36,439,271,000 after buying an additional 845,787 shares during the last quarter. Northern Trust Corp increased its stake in AbbVie by 0.9% in the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock valued at $4,612,357,000 after buying an additional 189,294 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in AbbVie by 31.6% in 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 buying an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in AbbVie by 5.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock valued at $2,675,959,000 after buying an additional 713,148 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in AbbVie by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company’s stock valued at $1,972,050,000 after buying an additional 45,871 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Up 5.7%

Shares of ABBV stock opened at $244.77 on Thursday. The company has a 50 day moving average of $208.97 and a 200-day moving average of $195.71. The firm has a market cap of $432.40 billion, a P/E ratio of 116.56, a PEG ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

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

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s 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 completion of the transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade 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 currently owned by company insiders.

Analyst Ratings Changes

ABBV has been the subject of several analyst reports. Evercore ISI increased their price objective on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. JPMorgan Chase & Co. increased their price objective on shares of AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. BMO Capital Markets raised their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Finally, Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a research note on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.