NewEdge Advisors LLC Boosts Stake in AbbVie Inc. $ABBV

Key Points

• NewEdge Advisors LLC increased its stake in AbbVie Inc. by 2.6%, now owning 510,036 shares valued at approximately $106.86 million, making it the firm's 22nd largest holding.
• AbbVie recently reported an earnings per share (EPS) of $2.97, missing expectations of $3.24, while revenue grew by 6.6% year-over-year, reaching $15.42 billion.
• The company declared a quarterly dividend of $1.64 per share, translating to an annualized dividend of $6.56 and a yield of 3.1%, although its payout ratio stands at a high 312.38%.

NewEdge Advisors LLC lifted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 510,036 shares of the company's stock after acquiring an additional 12,783 shares during the period. AbbVie accounts for 0.6% of NewEdge Advisors LLC's portfolio, making the stock its 22nd largest position. NewEdge Advisors LLC's holdings in AbbVie were worth $106,863,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in ABBV. Private Management Group Inc. grew its position in shares of AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after purchasing an additional 54 shares during the last quarter. Connecticut Wealth Management LLC grew its position in AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after buying an additional 57 shares in the last quarter. Castle Wealth Management LLC grew its position in AbbVie by 3.4% during the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after buying an additional 57 shares in the last quarter. High Falls Advisors Inc grew its position in AbbVie by 3.2% during the first quarter. High Falls Advisors Inc now owns 1,863 shares of the company's stock worth $390,000 after buying an additional 57 shares in the last quarter. Finally, Northstar Group Inc. grew its position in AbbVie by 0.7% during the first quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock worth $1,783,000 after buying an additional 58 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Price Performance

Shares of NYSE ABBV traded down $2.59 during midday trading on Monday, reaching $209.97. The company's stock had a trading volume of 5,524,651 shares, compared to its average volume of 6,513,974. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The business's 50 day moving average price is $197.74 and its two-hundred day moving average price is $194.08. The company has a market cap of $370.93 billion, a P/E ratio of 99.99, a P/E/G ratio of 1.37 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 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 firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Piper Sandler began coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price for the company. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Finally, Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Four 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 stock. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus price target of $214.95.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's 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 sale, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents 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 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.