Patron Partners LLC Has $1.42 Million Holdings in AbbVie Inc. $ABBV

Patron Partners LLC grew its holdings in AbbVie Inc. (NYSE:ABBV) by 0.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,668 shares of the company’s stock after purchasing an additional 60 shares during the period. Patron Partners LLC’s holdings in AbbVie were worth $1,423,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Hawaiian Bank raised its holdings in shares of AbbVie by 0.8% in the second quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock valued at $1,403,000 after purchasing an additional 60 shares during the last quarter. Narus Financial Partners LLC increased its holdings in AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after buying an additional 401 shares during the last quarter. Highland Capital Management LLC increased its holdings in AbbVie by 6.3% during the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after buying an additional 2,792 shares during the last quarter. Weaver Capital Management LLC increased its holdings in AbbVie by 3.9% during the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock worth $1,727,000 after buying an additional 310 shares during the last quarter. Finally, North Star Asset Management Inc. increased its holdings in AbbVie by 0.5% during the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock worth $33,800,000 after buying an additional 756 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent analyst reports. Piper Sandler initiated coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 target price on the stock. Bank of America boosted their target price on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and boosted their target price for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Finally, Citigroup boosted their target price on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $223.45.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction dated 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 sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction dated 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 sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

NYSE:ABBV opened at $218.23 on Friday. AbbVie Inc. has a one year low of $163.81 and a one year high of $225.16. The company has a market cap of $385.52 billion, a P/E ratio of 103.92, a P/E/G ratio of 1.31 and a beta of 0.53. The firm’s fifty day moving average price is $205.61 and its two-hundred day moving average price is $195.22. 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 released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. AbbVie’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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

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.