Greenup Street Wealth Management LLC Grows Position in AbbVie Inc. $ABBV

Greenup Street Wealth Management LLC raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.7% in the second quarter, Holdings Channel reports. The institutional investor owned 1,647 shares of the company’s stock after buying an additional 118 shares during the quarter. Greenup Street Wealth Management LLC’s holdings in AbbVie were worth $306,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after acquiring an additional 3,401 shares during the period. Revolve Wealth Partners LLC lifted its position in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after acquiring an additional 3,064 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of AbbVie by 23.8% in the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock valued at $10,235,000 after acquiring an additional 9,395 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of AbbVie by 4.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 511,060 shares of the company’s stock worth $107,077,000 after buying an additional 21,249 shares in the last quarter. Finally, Ridgecrest Wealth Partners LLC lifted its position in shares of AbbVie by 4.4% in the first quarter. Ridgecrest Wealth Partners LLC now owns 8,253 shares of the company’s stock worth $1,729,000 after buying an additional 350 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s 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 transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president 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. Insiders own 0.08% of the company’s stock.

AbbVie Stock Up 1.1%

ABBV stock opened at $232.07 on Tuesday. The firm has a market cap of $409.97 billion, a PE ratio of 110.51, a PEG ratio of 1.43 and a beta of 0.51. 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 firm’s 50 day moving average price is $218.58 and its 200-day moving average price is $197.84. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81.

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). The firm had revenue of $15.42 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $2.65 EPS. On average, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s payout ratio is presently 312.38%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ABBV. Wells Fargo & Company upped their price objective on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Piper Sandler increased their price objective on AbbVie from $231.00 to $284.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Evercore ISI upped their price objective on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Citigroup reiterated a “neutral” rating on shares of AbbVie in a report on Monday, October 13th. Finally, Wall Street Zen lowered AbbVie from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $234.80.

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.