Steel Grove Capital Advisors LLC Has $531,000 Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Steel Grove Capital Advisors LLC decreased its stake in AbbVie Inc. (NYSE:ABBV) by 37.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,093 shares of the company’s stock after selling 1,870 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in AbbVie were worth $531,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of ABBV. Nippon Life Global Investors Americas Inc. lifted its stake in AbbVie by 11.0% during the second quarter. Nippon Life Global Investors Americas Inc. now owns 59,360 shares of the company’s stock valued at $10,181,000 after buying an additional 5,900 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of AbbVie by 27.3% during the second quarter. EverSource Wealth Advisors LLC now owns 8,662 shares of the company’s stock valued at $1,605,000 after acquiring an additional 1,857 shares during the period. Fairscale Capital LLC purchased a new stake in shares of AbbVie in the 2nd quarter valued at approximately $86,000. Gabelli Funds LLC boosted its stake in AbbVie by 0.3% in the 2nd quarter. Gabelli Funds LLC now owns 139,900 shares of the company’s stock worth $23,996,000 after purchasing an additional 350 shares during the period. Finally, Itau Unibanco Holding S.A. grew its position in AbbVie by 4.5% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 9,645 shares of the company’s stock worth $1,654,000 after purchasing an additional 416 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Price Performance

AbbVie stock opened at $193.47 on Monday. The business has a 50 day simple moving average of $189.35 and a 200 day simple moving average of $175.76. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The company has a market capitalization of $341.64 billion, a PE ratio of 57.41, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.91 earnings per share. On average, sell-side analysts forecast that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is presently 183.98%.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent analyst reports. Truist Financial reaffirmed a “buy” rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Morgan Stanley upped their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Piper Sandler Companies restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Finally, HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $191.64.

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.