Amalgamated Bank Sells 15,679 Shares of AbbVie Inc. (NYSE:ABBV)

Amalgamated Bank lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 366,907 shares of the company’s stock after selling 15,679 shares during the period. AbbVie accounts for approximately 0.5% of Amalgamated Bank’s holdings, making the stock its 22nd biggest position. Amalgamated Bank’s holdings in AbbVie were worth $62,932,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Gilbert & Cook Inc. increased its stake in shares of AbbVie by 9.8% during the fourth quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock valued at $1,502,000 after purchasing an additional 861 shares in the last quarter. Aveo Capital Partners LLC grew its stake in shares of AbbVie by 5.1% in the 4th quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock worth $666,000 after buying an additional 210 shares during the last quarter. 9258 Wealth Management LLC grew its stake in shares of AbbVie by 1.7% in the 4th quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock worth $2,620,000 after buying an additional 283 shares during the last quarter. Gryphon Financial Partners LLC increased its position in AbbVie by 1.9% during the 4th quarter. Gryphon Financial Partners LLC now owns 84,249 shares of the company’s stock valued at $12,972,000 after buying an additional 1,531 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its stake in AbbVie by 36.6% during the fourth quarter. Hillsdale Investment Management Inc. now owns 1,232 shares of the company’s stock valued at $191,000 after buying an additional 330 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Down 1.1 %

AbbVie stock opened at $193.50 on Wednesday. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The company has a market cap of $341.70 billion, a P/E ratio of 57.42, a P/E/G ratio of 2.66 and a beta of 0.64. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The business has a 50-day simple moving average of $187.92 and a two-hundred day simple moving average of $175.46.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period in the previous year, the business posted $2.91 earnings per share. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. Analysts predict that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ABBV shares. Barclays raised their price target on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Morgan Stanley upped their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Piper Sandler raised their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, AbbVie currently has an average rating of “Buy” and a consensus target price of $191.64.

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.