AbbVie Inc. $ABBV Shares Purchased by First Manhattan CO. LLC.

Key Points

• First Manhattan CO. LLC increased its stake in AbbVie Inc. by 1.9%, owning 618,259 shares worth approximately $129.54 million as of the latest SEC filing.
• Several large investors, including TD Capital Management LLC and Abound Financial LLC, have recently adjusted their holdings, contributing to institutional investors owning 70.23% of AbbVie's stock.
• AbbVie reported $2.97 EPS for the latest quarter, missing the consensus estimate, despite a revenue increase of 6.6% year-over-year.

First Manhattan CO. LLC. grew its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 618,259 shares of the company's stock after purchasing an additional 11,326 shares during the quarter. First Manhattan CO. LLC.'s holdings in AbbVie were worth $129,538,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. TD Capital Management LLC grew its holdings in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC purchased a new position in shares of AbbVie during the first quarter worth about $30,000. Siemens Fonds Invest GmbH grew its holdings in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY acquired a new stake in AbbVie in the first quarter valued at about $35,000. Finally, Pinney & Scofield Inc. acquired a new stake in AbbVie in the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

AbbVie Trading Down 0.2%

Shares of NYSE ABBV traded down $0.33 during trading on Wednesday, hitting $211.59. 3,973,459 shares of the company traded hands, compared to its average volume of 4,208,400. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The company has a 50-day moving average price of $196.62 and a 200-day moving average price of $193.91. The firm has a market capitalization of $373.79 billion, a P/E ratio of 100.76, a P/E/G ratio of 1.35 and a beta of 0.53. 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 announced its quarterly earnings data 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 for 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% on a year-over-year basis. During the same period in the prior year, the firm earned $2.65 earnings per share. On average, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages recently commented on ABBV. Citigroup raised their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Piper Sandler started coverage on shares of AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. Bank of America lifted their price target on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Morgan Stanley lifted their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Guggenheim lifted their price target 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 analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and a consensus 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.