Armstrong Henry H Associates Inc. Has $3.29 Million Holdings in AbbVie Inc. $ABBV

Armstrong Henry H Associates Inc. cut its holdings in AbbVie Inc. (NYSE:ABBV) by 0.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,741 shares of the company’s stock after selling 70 shares during the period. AbbVie makes up approximately 0.3% of Armstrong Henry H Associates Inc.’s investment portfolio, making the stock its 18th largest position. Armstrong Henry H Associates Inc.’s holdings in AbbVie were worth $3,293,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in AbbVie by 0.5% during the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock worth $36,439,271,000 after buying an additional 845,787 shares in the last quarter. Northern Trust Corp grew its stake in AbbVie by 0.9% during the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock worth $4,612,357,000 after buying an additional 189,294 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after buying an additional 3,519,187 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in AbbVie by 5.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock worth $2,675,959,000 after buying an additional 713,148 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in AbbVie by 18.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company’s stock worth $2,142,832,000 after buying an additional 1,882,780 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 0.8%

Shares of NYSE ABBV opened at $218.40 on Friday. The company has a 50 day simple moving average of $200.25 and a 200 day simple moving average of $194.52. The firm has a market cap of $385.82 billion, a PE ratio of 104.00, a price-to-earnings-growth ratio of 1.42 and a beta of 0.53. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $221.76. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion during 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%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.65 EPS. On average, research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’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 completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were 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 of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ABBV shares. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price for the company in a report on Thursday, August 7th. Wells Fargo & Company increased their target price on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday. Finally, BMO Capital Markets increased their target price on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $217.10.

About AbbVie

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.