Focus Financial Network Inc. Acquires 1,344 Shares of AbbVie Inc. (NYSE:ABBV)

Focus Financial Network Inc. grew its holdings in AbbVie Inc. (NYSE:ABBV) by 8.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,457 shares of the company’s stock after acquiring an additional 1,344 shares during the period. Focus Financial Network Inc.’s holdings in AbbVie were worth $3,060,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ABBV. Hobbs Group Advisors LLC purchased a new stake in AbbVie in the 2nd quarter worth approximately $653,000. West Coast Financial LLC boosted its position in shares of AbbVie by 14.5% in the second quarter. West Coast Financial LLC now owns 1,807 shares of the company’s stock worth $310,000 after purchasing an additional 229 shares during the period. Cidel Asset Management Inc. increased its stake in shares of AbbVie by 5.6% in the second quarter. Cidel Asset Management Inc. now owns 6,981 shares of the company’s stock worth $1,197,000 after purchasing an additional 369 shares in the last quarter. SeaCrest Wealth Management LLC raised its position in shares of AbbVie by 0.9% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 21,595 shares of the company’s stock valued at $3,704,000 after purchasing an additional 201 shares during the period. Finally, Pallas Capital Advisors LLC lifted its stake in shares of AbbVie by 0.6% during the 2nd quarter. Pallas Capital Advisors LLC now owns 30,391 shares of the company’s stock valued at $5,201,000 after buying an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock traded down $0.26 during trading hours on Wednesday, reaching $195.89. The stock had a trading volume of 966,921 shares, compared to its average volume of 5,487,959. The stock’s 50 day moving average is $177.15 and its 200 day moving average is $172.65. The firm has a market capitalization of $345.92 billion, a PE ratio of 58.24, a PEG ratio of 2.49 and a beta of 0.64. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $197.48. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm earned $2.91 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts expect that AbbVie Inc. will post 10.87 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were paid a dividend of $1.55 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.17%. AbbVie’s dividend payout ratio is presently 183.98%.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Wednesday, June 5th. BMO Capital Markets lifted their price objective on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Barclays boosted their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. Finally, Truist Financial reissued a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $190.29.

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.