Hudson Valley Investment Advisors Inc. ADV Purchases 2,704 Shares of AbbVie Inc. $ABBV

Key Points

• Hudson Valley Investment Advisors Inc. ADV has increased its stake in **AbbVie Inc.** by **5.6%**, now holding a total of **51,294 shares** worth approximately **$9.5 million**.
• AbbVie reported earnings of **$2.97 per share** for Q2, falling short of expectations, but achieved a revenue of **$15.42 billion**, exceeding predicted figures.
• The company has declared a quarterly dividend of **$1.64 per share**, which translates to an annualized dividend of **$6.56** and a yield of **2.8%**.

Hudson Valley Investment Advisors Inc. ADV increased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 5.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,294 shares of the company's stock after purchasing an additional 2,704 shares during the period. AbbVie makes up 1.0% of Hudson Valley Investment Advisors Inc. ADV's investment portfolio, making the stock its 25th largest holding. Hudson Valley Investment Advisors Inc. ADV's holdings in AbbVie were worth $9,521,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Quent Capital LLC lifted its holdings in shares of AbbVie by 0.9% in the 2nd quarter. Quent Capital LLC now owns 9,479 shares of the company's stock worth $1,759,000 after purchasing an additional 84 shares in the last quarter. 111 Capital lifted its holdings in shares of AbbVie by 94.2% in the 2nd quarter. 111 Capital now owns 19,554 shares of the company's stock worth $3,630,000 after purchasing an additional 9,484 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in shares of AbbVie by 3.1% in the 2nd quarter. QRG Capital Management Inc. now owns 300,750 shares of the company's stock worth $55,825,000 after purchasing an additional 9,145 shares in the last quarter. Corundum Group Inc. lifted its holdings in shares of AbbVie by 46.6% in the 2nd quarter. Corundum Group Inc. now owns 7,520 shares of the company's stock worth $1,396,000 after purchasing an additional 2,391 shares in the last quarter. Finally, Fortis Capital Advisors LLC lifted its holdings in shares of AbbVie by 10.0% in the 2nd quarter. Fortis Capital Advisors LLC now owns 5,214 shares of the company's stock worth $968,000 after purchasing an additional 475 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Down 1.1%

Shares of AbbVie stock opened at $234.07 on Friday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The firm has a market cap of $413.49 billion, a PE ratio of 111.46, a P/E/G ratio of 1.38 and a beta of 0.51. The stock has a fifty day moving average price of $210.77 and a 200-day moving average price of $196.01. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business 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 business earned $2.65 earnings per share. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Evercore ISI increased their target price on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Bank of America increased their price target on AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a research report on Friday. 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. Guggenheim increased their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, UBS Group set a $251.00 price target on AbbVie in a research report on Friday. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and an average target price of $228.22.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction 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 approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

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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