Alley Investment Management Company LLC Has $21.85 Million Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Alley Investment Management Company LLC increased its holdings in AbbVie Inc. to approximately $21.85 million, representing 2.6% of its portfolio.
• AbbVie reported quarterly earnings with an EPS of $2.97, missing analysts' expectations by $0.27, but its revenue increased by 6.6% year-over-year.
• The company announced a $1.64 per share quarterly dividend, with a payout ratio of 312.38% and a dividend yield of 2.8%.

Alley Investment Management Company LLC lifted its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 117,719 shares of the company's stock after acquiring an additional 1,156 shares during the period. AbbVie accounts for 2.6% of Alley Investment Management Company LLC's portfolio, making the stock its 8th biggest holding. Alley Investment Management Company LLC's holdings in AbbVie were worth $21,851,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. First Hawaiian Bank grew its position in shares of AbbVie by 0.8% during the second quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock worth $1,403,000 after acquiring an additional 60 shares during the last quarter. Narus Financial Partners LLC lifted its holdings in AbbVie by 25.3% in the first 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 period. Highland Capital Management LLC lifted its holdings in AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after purchasing an additional 2,792 shares during the period. Weaver Capital Management LLC lifted its holdings in AbbVie by 3.9% in the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after purchasing an additional 310 shares during the period. Finally, North Star Asset Management Inc. lifted its holdings in AbbVie by 0.5% in the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock worth $33,800,000 after purchasing an additional 756 shares during the period. Institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

ABBV stock opened at $231.47 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a one year low of $163.81 and a one year high of $232.35. The firm has a market capitalization of $408.91 billion, a PE ratio of 110.22, a P/E/G ratio of 1.31 and a beta of 0.53. The firm has a 50-day moving average of $207.89 and a two-hundred day moving average of $195.37.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the prior year, the company posted $2.65 earnings per share. AbbVie's quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ABBV. BMO Capital Markets upped their price objective on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Evercore ISI upped their price objective on shares of AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. JPMorgan Chase & Co. upped their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Finally, Guggenheim raised their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $223.45.

Insider Buying and Selling

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred 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 directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate 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.

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