Sage Rhino Capital LLC Invests $252,000 in AbbVie Inc (NYSE:ABBV)

Sage Rhino Capital LLC purchased a new position in AbbVie Inc (NYSE:ABBV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,562 shares of the company’s stock, valued at approximately $252,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capstone Financial Group Inc. bought a new position in shares of AbbVie in the second quarter worth about $25,000. Efficient Wealth Management LLC purchased a new stake in AbbVie in the first quarter worth about $27,000. Lion Street Advisors LLC purchased a new stake in AbbVie in the first quarter worth about $29,000. Marquette Asset Management LLC lifted its stake in AbbVie by 200.0% in the first quarter. Marquette Asset Management LLC now owns 450 shares of the company’s stock worth $34,000 after acquiring an additional 300 shares during the period. Finally, Horrell Capital Management Inc. purchased a new stake in AbbVie in the first quarter worth about $34,000. Hedge funds and other institutional investors own 72.40% of the company’s stock.

ABBV has been the subject of a number of research reports. Evercore ISI initiated coverage on shares of AbbVie in a research note on Wednesday, June 10th. They issued a “buy” rating and a $111.00 price objective for the company. Atlantic Securities raised shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price objective for the company in a research note on Tuesday, June 23rd. Wolfe Research raised shares of AbbVie from a “peer perform” rating to an “outperform” rating in a research note on Tuesday, June 9th. Mizuho upped their price objective on shares of AbbVie from $101.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Finally, Piper Sandler upped their price objective on shares of AbbVie from $97.00 to $110.00 in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $106.80.

In other news, EVP Timothy J. Richmond sold 19,445 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $85.00, for a total transaction of $1,652,825.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jeffrey Ryan Stewart sold 23,024 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $90.00, for a total transaction of $2,072,160.00. Following the sale, the senior vice president now directly owns 52,760 shares in the company, valued at approximately $4,748,400. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,794 shares of company stock worth $9,057,485. 0.09% of the stock is owned by corporate insiders.

Shares of AbbVie stock traded down $1.13 during midday trading on Friday, hitting $94.91. The company had a trading volume of 14,614,332 shares, compared to its average volume of 5,717,843. The stock has a market cap of $141.83 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.65 and a beta of 0.86. The company has a fifty day simple moving average of $97.25 and a 200 day simple moving average of $88.40. AbbVie Inc has a 12-month low of $62.55 and a 12-month high of $101.28.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 31st. The company reported $2.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.20 by $0.14. The firm had revenue of $10.43 billion during the quarter, compared to analyst estimates of $10.14 billion. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. AbbVie’s revenue was up 26.3% on a year-over-year basis. During the same period last year, the firm posted $2.26 EPS. As a group, sell-side analysts anticipate that AbbVie Inc will post 10.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be issued a $1.18 dividend. The ex-dividend date is Tuesday, July 14th. This represents a $4.72 annualized dividend and a yield of 4.97%. AbbVie’s dividend payout ratio (DPR) is presently 52.80%.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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