Alpine Woods Capital Investors LLC Has $6.57 Million Position in AbbVie Inc. $ABBV

Alpine Woods Capital Investors LLC grew its stake in AbbVie Inc. (NYSE:ABBV) by 1.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,403 shares of the company’s stock after purchasing an additional 642 shares during the period. AbbVie comprises approximately 1.6% of Alpine Woods Capital Investors LLC’s investment portfolio, making the stock its 16th largest position. Alpine Woods Capital Investors LLC’s holdings in AbbVie were worth $6,572,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Conning Inc. increased its position in AbbVie by 7.1% in the 2nd quarter. Conning Inc. now owns 191,023 shares of the company’s stock valued at $35,458,000 after acquiring an additional 12,690 shares during the period. Dohj LLC raised its holdings in AbbVie by 41.8% during the 2nd quarter. Dohj LLC now owns 4,529 shares of the company’s stock worth $802,000 after purchasing an additional 1,335 shares during the last quarter. First Hawaiian Bank raised its holdings in AbbVie by 0.8% during the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock worth $1,403,000 after purchasing an additional 60 shares during the last quarter. Narus Financial Partners LLC raised its holdings in AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after purchasing an additional 401 shares during the last quarter. Finally, BankPlus Trust Department raised its holdings in AbbVie by 3.3% during the 2nd quarter. BankPlus Trust Department now owns 27,113 shares of the company’s stock worth $5,033,000 after purchasing an additional 855 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE ABBV opened at $230.36 on Tuesday. The company has a fifty day simple moving average of $215.50 and a 200 day simple moving average of $196.89. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. 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 company has a market cap of $406.94 billion, a P/E ratio of 109.70, a PEG ratio of 1.42 and a beta of 0.51.

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). 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 period in the previous year, the business posted $2.65 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors 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 presently 312.38%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. JPMorgan Chase & Co. raised their price target on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Morgan Stanley lifted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Hsbc Global Res lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Guggenheim lifted their price objective 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. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $231.90.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction 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 sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 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. Company insiders own 0.08% of the company’s stock.

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.