Mercer Global Advisors Inc. ADV Purchases 169,211 Shares of AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Mercer Global Advisors Inc. ADV lifted its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 53.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 486,025 shares of the company’s stock after purchasing an additional 169,211 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in AbbVie were worth $83,363,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ABBV. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie in the 4th quarter worth approximately $26,000. Fairway Wealth LLC purchased a new position in AbbVie in the second quarter worth $26,000. Ridgewood Investments LLC bought a new position in AbbVie in the 2nd quarter valued at $27,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at $33,000. Finally, IFS Advisors LLC bought a new stake in shares of AbbVie during the 1st quarter worth $36,000. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Down 1.1 %

Shares of ABBV opened at $193.50 on Wednesday. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The company has a market capitalization of $341.70 billion, a P/E ratio of 57.42, a P/E/G ratio of 2.66 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm’s 50 day simple moving average is $187.92 and its 200 day simple moving average is $175.46.

AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the company posted $2.91 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. Sell-side analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Activity at AbbVie

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

Analysts Set New Price Targets

A number of research firms recently issued reports on ABBV. Morgan Stanley raised their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. BMO Capital Markets lifted their price target on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Piper Sandler increased their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Buy” and an average price target of $191.64.

View Our Latest Report on AbbVie

AbbVie Profile

(Free Report)

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.

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