Foresight Capital Management Advisors Inc. Makes New Investment in AbbVie Inc. (NYSE:ABBV)

Foresight Capital Management Advisors Inc. acquired a new stake in AbbVie Inc. (NYSE:ABBV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,862 shares of the company’s stock, valued at approximately $1,349,000.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of AbbVie by 6.2% during the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after purchasing an additional 9,978,415 shares during the last quarter. Capital International Investors lifted its stake in shares of AbbVie by 6.9% in the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after acquiring an additional 3,110,601 shares during the period. Capital Research Global Investors boosted its holdings in shares of AbbVie by 3.3% in the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after acquiring an additional 992,496 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of AbbVie by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after acquiring an additional 1,702,415 shares during the period. Finally, Norges Bank purchased a new position in AbbVie during the fourth quarter worth about $3,229,888,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s 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 directly owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 transaction, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

AbbVie Price Performance

Shares of ABBV traded up $2.80 during trading hours on Thursday, reaching $190.31. 5,744,644 shares of the company traded hands, compared to its average volume of 5,596,136. The stock has a market capitalization of $336.06 billion, a PE ratio of 56.47, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64. The stock has a fifty day simple moving average of $172.76 and a 200 day simple moving average of $171.03. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $193.91. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.

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

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.26%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday. Piper Sandler reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Tuesday, July 2nd. BMO Capital Markets upped their price target 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. Finally, Morgan Stanley increased their price target on shares of AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $188.71.

AbbVie 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.