Grant Private Wealth Management Inc Purchases 9,514 Shares of AbbVie Inc. $ABBV

Key Points

• Grant Private Wealth Management Inc increased its holdings in AbbVie Inc. by 399.7% in the second quarter, now owning 11,894 shares valued at approximately $2.21 million.
• Institutional investors control 70.23% of AbbVie’s stock, with significant increases in holdings reported by firms like GAMMA Investing LLC and Assenagon Asset Management S.A.
• AbbVie announced a quarterly dividend of $1.64 per share, with a yield of 3.0%, reflecting a dividend payout ratio of 312.38%.

Grant Private Wealth Management Inc lifted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 399.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,894 shares of the company's stock after acquiring an additional 9,514 shares during the period. AbbVie makes up about 1.3% of Grant Private Wealth Management Inc's investment portfolio, making the stock its 27th largest holding. Grant Private Wealth Management Inc's holdings in AbbVie were worth $2,208,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. First Hawaiian Bank increased 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 in the last quarter. Narus Financial Partners LLC increased its position in shares of AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after acquiring an additional 401 shares in the last quarter. Highland Capital Management LLC increased its position in shares of AbbVie by 6.3% during the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after acquiring an additional 2,792 shares in the last quarter. Weaver Capital Management LLC boosted its holdings in AbbVie by 3.9% during 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 last quarter. Finally, North Star Asset Management Inc. boosted its holdings in AbbVie by 0.5% during 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 last quarter. Institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on ABBV shares. Cantor Fitzgerald increased their target price on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Citigroup raised their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Finally, Evercore ISI raised their target price on shares of AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a report on Monday. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $223.45.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

AbbVie Price Performance

Shares of AbbVie stock traded up $1.24 on Tuesday, reaching $223.83. The stock had a trading volume of 1,840,922 shares, compared to its average volume of 6,454,389. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $225.16. The company has a market cap of $395.40 billion, a P/E ratio of 106.71, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53. 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 business's 50 day moving average is $203.75 and its two-hundred day moving average is $194.84.

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

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid 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 (DPR) is currently 312.38%.

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.