Investment firm Inspirion Wealth Advisors LLC has increased its ownership of AbbVie Inc. (NYSE: ABBV) by purchasing an additional 4,208 shares during the second quarter of 2023. This acquisition has brought the firm’s total holdings to 205,477 shares, representing a growth of 2.1% in its investment in the biopharmaceutical company. As of the latest filing with the Securities and Exchange Commission, Inspirion’s holdings in AbbVie are valued at approximately $38.14 million, making it their seventh largest investment.
Several other institutional investors have made significant adjustments to their AbbVie holdings as well. Alesco Advisors LLC increased its stake by an impressive 59.3%, now owning 2,664 shares valued at $494,000 following the purchase of 992 shares. Similarly, New England Research & Management Inc. raised its position by 7.0%, acquiring an additional 1,335 shares to reach a total of 20,441 shares, worth $3.79 million.
In addition, Krilogy Financial LLC boosted its holdings by 11.1%, now possessing 11,800 shares valued at $2.19 million. Other notable increases include Fragasso Financial Advisors Inc., which added 291 shares for a total of 21,424 shares, and Fiduciary Alliance LLC, which increased its stake by 24.3% with an additional 4,117 shares.
A significant portion of AbbVie’s stock, approximately 70.23%, is now held by institutional investors and hedge funds. This trend reflects growing confidence in the company’s financial performance.
Analysts’ Insights and Stock Performance
Analysts have recently set new price targets for AbbVie’s stock, reflecting a positive outlook. BMO Capital Markets raised its target from $215.00 to $240.00, rating the stock as “outperform.” Additionally, JPMorgan Chase & Co. increased its target to $235.00 and rated it as “overweight.” Other firms, such as Citigroup and Bank of America, also adjusted their price targets to $205.00 and $204.00, respectively, both maintaining a “hold” rating.
The majority of analysts are optimistic, with four rating AbbVie as a Strong Buy, sixteen as Buy, and six as Hold. The consensus rating stands at “Moderate Buy,” with a price target averaging $220.43.
In its latest earnings report, AbbVie announced earnings per share (EPS) of $2.97 for the quarter ending July 31, 2023, falling short of analyst expectations of $3.24. However, the company reported revenue of $15.42 billion, surpassing projections of $14.93 billion, showing a year-over-year revenue increase of 6.6%.
Insider Trading Activity
Recent insider trading has also been notable. Nicholas Donoghoe, Executive Vice President, sold 13,295 shares on August 5, 2023, at an average price of $198.51, totaling $2,639,190.45. This sale reduced his ownership by 18.58%, leaving him with 58,247 shares valued at approximately $11.56 million.
Another insider, Azita Saleki-Gerhardt, sold 42,370 shares on August 12, 2023, at an average price of $198.42, amounting to $8,407,055.40. This transaction represented a 19.29% decrease in her holdings, which now total 177,292 shares worth around $35.18 million.
Insider ownership in AbbVie is currently at 0.08% of the company’s total shares.
On the trading front, shares of AbbVie opened at $216.27 on Wednesday, reflecting a slight decline of 0.6%. The company has a market capitalization of $382.05 billion, with a price-to-earnings (P/E) ratio of 102.99 and a beta of 0.53. AbbVie’s stock has ranged between a one-year low of $163.81 and a high of $221.76.
Upcoming Dividends and Company Overview
AbbVie has also announced a quarterly dividend of $1.64 per share, set to be paid on November 14, 2023. Shareholders on record as of October 15, 2023, will receive this dividend, which translates to an annualized rate of $6.56 and a yield of 3.0%. The company’s payout ratio stands at a significant 312.38%.
Founded to discover and manufacture pharmaceuticals globally, AbbVie is known for its flagship products, including Humira for autoimmune diseases, Skyrizi for psoriasis, and Imbruvica for certain blood cancers, among others. The company continues to demonstrate strong revenue growth, which is reflected in the increased interest from institutional investors.
