Chicago Partners Investment Group LLC Increases Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Chicago Partners Investment Group LLC increased its stock holdings in AbbVie Inc. by 35.2% in the second quarter, bringing their total shares to 52,521, valued at approximately $10 million.
• Several hedge funds have significantly boosted their positions in AbbVie, with institutional investors collectively owning 70.23% of the stock.
• AbbVie announced a quarterly dividend of $1.64, with a yield of 2.9%, scheduled for payment on November 14th to shareholders recorded by October 15th.

Chicago Partners Investment Group LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 35.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,521 shares of the company's stock after purchasing an additional 13,679 shares during the quarter. Chicago Partners Investment Group LLC's holdings in AbbVie were worth $10,008,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new position in AbbVie during the first quarter worth approximately $1,819,154,000. Assenagon Asset Management S.A. boosted its holdings in shares of AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock valued at $804,116,000 after purchasing an additional 3,666,521 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after buying an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of AbbVie during the 2nd quarter worth $581,817,000. Finally, Bessemer Group Inc. raised its position in shares of AbbVie by 147.6% in the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock worth $576,800,000 after buying an additional 1,641,091 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ABBV. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research report on Thursday, August 7th. Raymond James Financial reiterated an "outperform" rating and set a $250.00 target price (up previously from $236.00) on shares of AbbVie in a report on Friday. UBS Group set a $251.00 target price on shares of AbbVie in a research report on Friday, October 3rd. HSBC set a $225.00 price target on shares of AbbVie in a research report on Thursday, October 2nd. Finally, Erste Group Bank lowered shares of AbbVie from a "buy" rating to a "hold" rating in a research report on Tuesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $234.05.

AbbVie Stock Up 1.2%

Shares of NYSE:ABBV opened at $229.66 on Friday. The company has a market capitalization of $405.71 billion, a price-to-earnings ratio of 109.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51. The company has a 50 day moving average of $217.91 and a two-hundred day moving average of $197.55. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.65 earnings per share. As a group, analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal 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 given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated 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 transaction, 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 position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

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.

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