Brooklyn Investment Group Grows Stake in AbbVie Inc. $ABBV

Key Points

• BROOKLYN INVESTMENT GROUP has increased its holdings in AbbVie Inc. by 34.2%, now owning 20,579 shares valued at approximately $4.31 million.
• AbbVie recently reported a quarterly EPS of $2.97, below analysts' expectations of $3.24, despite a 6.6% revenue increase year-over-year.
• The company has announced a quarterly dividend of $1.64, resulting in an annualized yield of 3.2% and a payout ratio of 312.38%.

Brooklyn Investment Group lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 34.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 20,579 shares of the company's stock after acquiring an additional 5,241 shares during the period. AbbVie makes up approximately 0.9% of Brooklyn Investment Group's investment portfolio, making the stock its 17th largest holding. Brooklyn Investment Group's holdings in AbbVie were worth $4,312,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABBV. GAMMA Investing LLC lifted its holdings in shares of AbbVie by 25,841.6% during the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Nuveen LLC acquired a new stake in shares of AbbVie during the first quarter worth about $1,819,154,000. Goldman Sachs Group Inc. lifted its holdings in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after acquiring an additional 3,519,187 shares during the period. Northern Trust Corp lifted its holdings in AbbVie by 11.8% in the fourth quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock valued at $3,878,236,000 after acquiring an additional 2,299,645 shares during the period. Finally, Deutsche Bank AG lifted its holdings in AbbVie by 27.4% in the fourth quarter. Deutsche Bank AG now owns 9,769,102 shares of the company's stock valued at $1,735,969,000 after acquiring an additional 2,102,273 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on Tuesday, August 12th. The stock was 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 directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

AbbVie Trading Up 1.2%

NYSE:ABBV traded up $2.5340 during trading hours on Wednesday, hitting $208.7240. The company had a trading volume of 3,592,366 shares, compared to its average volume of 6,667,121. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a 50-day moving average of $191.75 and a 200 day moving average of $192.56. The company has a market cap of $368.72 billion, a P/E ratio of 99.39, a P/E/G ratio of 1.33 and a beta of 0.50. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion during 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 quarter in the previous year, the company earned $2.65 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.1%. The ex-dividend date was Tuesday, July 15th. AbbVie's dividend payout ratio is presently 312.38%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ABBV shares. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Guggenheim upped their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, Citigroup upped their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $214.95.

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.