Cooper Financial Group Acquires 712 Shares of AbbVie Inc. (NYSE:ABBV)

Cooper Financial Group increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 6.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,108 shares of the company’s stock after purchasing an additional 712 shares during the period. Cooper Financial Group’s holdings in AbbVie were worth $1,497,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Johnson & White Wealth Management LLC bought a new stake in shares of AbbVie in the first quarter worth about $721,000. Sand Hill Global Advisors LLC grew its position in shares of AbbVie by 0.4% in the 1st quarter. Sand Hill Global Advisors LLC now owns 18,755 shares of the company’s stock valued at $2,989,000 after purchasing an additional 68 shares during the period. Chesapeake Wealth Management increased its stake in AbbVie by 21.4% during the 4th quarter. Chesapeake Wealth Management now owns 13,083 shares of the company’s stock worth $2,114,000 after purchasing an additional 2,305 shares in the last quarter. Quintet Private Bank Europe S.A. acquired a new stake in AbbVie during the 1st quarter worth approximately $6,686,000. Finally, Capital Market Strategies LLC lifted its stake in AbbVie by 5.0% in the first quarter. Capital Market Strategies LLC now owns 12,027 shares of the company’s stock valued at $1,917,000 after buying an additional 575 shares in the last quarter. Institutional investors own 67.86% of the company’s stock.

AbbVie Price Performance

NYSE:ABBV opened at $152.09 on Friday. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $168.11. The firm has a market capitalization of $268.45 billion, a price-to-earnings ratio of 31.29, a P/E/G ratio of 2.74 and a beta of 0.58. The stock’s 50 day moving average price is $146.09 and its two-hundred day moving average price is $147.56. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The business had revenue of $13.87 billion for the quarter, compared to analyst estimates of $13.52 billion. On average, analysts anticipate that AbbVie Inc. will post 11.03 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Thursday, October 12th. AbbVie’s payout ratio is 121.81%.

Insider Activity at AbbVie

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the sale, the chief executive officer now directly owns 625,294 shares in the company, valued at $93,262,600.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.26% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ABBV. Piper Sandler increased their price objective on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. StockNews.com assumed coverage on AbbVie in a report on Thursday, August 17th. They set a “strong-buy” rating for the company. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. Piper Jaffray Companies boosted their target price on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research note on Friday, July 28th. Finally, Credit Suisse Group decreased their price target on shares of AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $165.79.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.