AbbVie Inc. (NYSE:ABBV) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 90,843 shares of the company’s stock after selling 2,028 shares during the period. Granite Investment Partners LLC’s holdings in AbbVie were worth $15,581,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC acquired a new position in AbbVie during the fourth quarter valued at approximately $26,000. Fairway Wealth LLC acquired a new position in AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new position in AbbVie during the second quarter valued at approximately $27,000. Able Wealth Management LLC acquired a new position in AbbVie during the fourth quarter valued at approximately $33,000. Finally, IFS Advisors LLC acquired a new position in AbbVie during the first quarter valued at approximately $36,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent research reports. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. 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. Barclays lifted their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Morgan Stanley boosted their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Finally, Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $191.64.

AbbVie Stock Up 0.4 %

Shares of NYSE:ABBV opened at $193.63 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company has a fifty day simple moving average of $188.89 and a 200 day simple moving average of $175.71. The firm has a market cap of $341.93 billion, a PE ratio of 57.46, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion during 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 business’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.91 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction on 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 owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie 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.