Orca Wealth Management LLC Has $1.90 Million Stake in AbbVie Inc. $ABBV

Orca Wealth Management LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.4% during the second quarter, Holdings Channel.com reports. The institutional investor owned 10,225 shares of the company’s stock after selling 254 shares during the period. AbbVie accounts for 1.6% of Orca Wealth Management LLC’s investment portfolio, making the stock its 22nd largest holding. Orca Wealth Management LLC’s holdings in AbbVie were worth $1,898,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of AbbVie in the first quarter valued at $1,819,154,000. Assenagon Asset Management S.A. increased its holdings in shares of AbbVie by 550.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after purchasing an additional 3,666,521 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of AbbVie in the second quarter valued at $581,817,000. Finally, Bessemer Group Inc. increased its holdings in shares of AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock valued at $576,800,000 after purchasing an additional 1,641,091 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company’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 owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction 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 represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Trading Down 1.1%

ABBV stock opened at $234.07 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company’s 50-day simple moving average is $210.77 and its 200 day simple moving average is $195.90. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The company has a market capitalization of $413.49 billion, a PE ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51.

AbbVie (NYSE:ABBV) last released its quarterly earnings results 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 business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the company posted $2.65 earnings per share. The company’s revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. 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 is currently 312.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ABBV shares. Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. BMO Capital Markets upped their price objective on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. HSBC set a $225.00 price objective on shares of AbbVie in a report on Thursday. Bank of America upped their price objective on shares of AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a report on Friday. Finally, Guggenheim upped their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $228.22.

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.