Greenwood Capital Associates LLC Makes New $844,000 Investment in AbbVie Inc. $ABBV

Greenwood Capital Associates LLC acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,547 shares of the company’s stock, valued at approximately $844,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hudson Edge Investment Partners Inc. grew its position in shares of AbbVie by 14.0% during the second quarter. Hudson Edge Investment Partners Inc. now owns 34,507 shares of the company’s stock worth $6,405,000 after acquiring an additional 4,235 shares during the last quarter. Atwater Malick LLC grew its position in AbbVie by 5.0% in the 2nd quarter. Atwater Malick LLC now owns 2,846 shares of the company’s stock valued at $528,000 after buying an additional 135 shares during the last quarter. Synergy Asset Management LLC grew its position in AbbVie by 95.9% in the 2nd quarter. Synergy Asset Management LLC now owns 19,897 shares of the company’s stock valued at $3,693,000 after buying an additional 9,738 shares during the last quarter. Hilltop National Bank purchased a new stake in shares of AbbVie during the 2nd quarter worth $941,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of AbbVie by 12.0% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 798,259 shares of the company’s stock worth $148,173,000 after purchasing an additional 85,260 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, 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. 0.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ABBV shares. Citigroup lifted their price target on AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Bank of America boosted their target price on shares of AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a report on Friday. Evercore ISI upped their price target on shares of AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Hsbc Global Res cut AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Raymond James Financial restated an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $228.22.

AbbVie Stock Performance

ABBV stock opened at $234.07 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The firm has a market cap of $413.49 billion, a P/E ratio of 111.46, a P/E/G ratio of 1.38 and a beta of 0.51. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The stock’s 50 day simple moving average is $210.77 and its 200 day simple moving average is $196.01.

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

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

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.