Alpine Bank Wealth Management Makes New $3.88 Million Investment in AbbVie Inc. (NYSE:ABBV)

Alpine Bank Wealth Management purchased a new position in AbbVie Inc. (NYSE:ABBV) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 18,513 shares of the company’s stock, valued at approximately $3,879,000. AbbVie comprises about 0.6% of Alpine Bank Wealth Management’s holdings, making the stock its 26th largest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in ABBV. EnRich Financial Partners LLC increased its stake in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after purchasing an additional 110 shares during the period. Promus Capital LLC bought a new position in shares of AbbVie in the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter worth about $31,000. Prudent Man Investment Management Inc. bought a new position in shares of AbbVie in the fourth quarter worth about $32,000. Finally, Pinney & Scofield Inc. bought a new position in shares of AbbVie in the fourth quarter worth about $36,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Morgan Stanley boosted their price target on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Wells Fargo & Company boosted their price target on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. BNP Paribas upgraded AbbVie to a “hold” rating in a research note on Thursday, May 8th. Finally, Bank of America upped their price objective on AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Stock Up 1.0%

NYSE:ABBV opened at $185.53 on Wednesday. The stock’s fifty day moving average price is $185.46 and its two-hundred day moving average price is $187.82. AbbVie Inc. has a 52-week low of $163.52 and a 52-week high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The company has a market cap of $327.73 billion, a price-to-earnings ratio of 78.95, a P/E/G ratio of 1.22 and a beta of 0.50.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The company had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.31 EPS. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio (DPR) is currently 279.15%.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.08% of the stock is currently owned by company insiders.

AbbVie Company 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.