First Manhattan CO. LLC. Raises Stock Holdings in AbbVie Inc. $ABBV

First Manhattan CO. LLC. lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% in the 1st quarter, Holdings Channel reports. The firm owned 618,259 shares of the company’s stock after acquiring an additional 11,326 shares during the period. First Manhattan CO. LLC.’s holdings in AbbVie were worth $129,538,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of ABBV. Brighton Jones LLC boosted its stake in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in AbbVie in the fourth quarter worth approximately $2,302,000. Algert Global LLC boosted its stake in AbbVie by 9.0% in the fourth quarter. Algert Global LLC now owns 7,922 shares of the company’s stock worth $1,408,000 after buying an additional 651 shares in the last quarter. Finally, BNP Paribas boosted its stake in AbbVie by 3.8% in the fourth quarter. BNP Paribas now owns 47,815 shares of the company’s stock worth $8,493,000 after buying an additional 1,755 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock opened at $210.25 on Monday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a market cap of $371.42 billion, a PE ratio of 100.12, a P/E/G ratio of 1.35 and a beta of 0.53. The business has a 50 day moving average of $195.05 and a 200 day moving average of $193.54. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.65 EPS. As a group, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 312.38%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ABBV. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Guggenheim upped their target price on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Piper Sandler began coverage on AbbVie in a research report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price objective for the company. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $214.95.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate 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.