1832 Asset Management L.P. Has $21.08 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

1832 Asset Management L.P. cut its stake in AbbVie Inc. (NYSE:ABBV) by 84.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,876 shares of the company’s stock after selling 687,984 shares during the period. 1832 Asset Management L.P.’s holdings in AbbVie were worth $21,076,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Gilbert & Cook Inc. grew its stake in AbbVie by 9.8% during the fourth quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock worth $1,502,000 after purchasing an additional 861 shares during the period. Aveo Capital Partners LLC increased its stake in shares of AbbVie by 5.1% in the 4th quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock valued at $666,000 after acquiring an additional 210 shares in the last quarter. 9258 Wealth Management LLC lifted its position in shares of AbbVie by 1.7% during the 4th quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock valued at $2,620,000 after acquiring an additional 283 shares during the period. Gryphon Financial Partners LLC lifted its position in shares of AbbVie by 1.9% during the 4th quarter. Gryphon Financial Partners LLC now owns 84,249 shares of the company’s stock valued at $12,972,000 after acquiring an additional 1,531 shares during the period. Finally, Cape Investment Advisory Inc. boosted its stake in AbbVie by 5.2% during the fourth quarter. Cape Investment Advisory Inc. now owns 1,612 shares of the company’s stock worth $250,000 after acquiring an additional 80 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ABBV shares. 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 report on Wednesday, June 5th. Morgan Stanley raised their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Barclays upped their target price on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Wells Fargo & Company lifted their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $191.64.

AbbVie Stock Up 0.2 %

AbbVie stock opened at $193.82 on Tuesday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a market cap of $342.26 billion, a PE ratio of 57.51, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The firm’s 50-day simple moving average is $189.87 and its 200 day simple moving average is $175.86.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.91 EPS. Research analysts predict that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Announces Dividend

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

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.