Promethium Advisors LLC Raises Stock Holdings in AbbVie Inc. $ABBV

Promethium Advisors LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 6.3% in the 1st quarter, HoldingsChannel reports. The firm owned 17,829 shares of the company’s stock after acquiring an additional 1,050 shares during the quarter. AbbVie accounts for 2.4% of Promethium Advisors LLC’s portfolio, making the stock its 9th largest holding. Promethium Advisors LLC’s holdings in AbbVie were worth $3,736,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Federation des caisses Desjardins du Quebec increased its stake in AbbVie by 10.0% in the first quarter. Federation des caisses Desjardins du Quebec now owns 165,509 shares of the company’s stock valued at $34,684,000 after acquiring an additional 15,105 shares during the last quarter. EP Wealth Advisors LLC boosted its holdings in shares of AbbVie by 20.1% during the 1st quarter. EP Wealth Advisors LLC now owns 126,128 shares of the company’s stock valued at $26,426,000 after acquiring an additional 21,090 shares in the last quarter. PDT Partners LLC bought a new stake in AbbVie during the 1st quarter worth $419,000. Ashton Thomas Securities LLC increased its holdings in AbbVie by 5.6% in the 1st quarter. Ashton Thomas Securities LLC now owns 2,198 shares of the company’s stock worth $460,000 after purchasing an additional 116 shares in the last quarter. Finally, First Manhattan CO. LLC. raised its position in AbbVie by 1.9% in the first quarter. First Manhattan CO. LLC. now owns 618,259 shares of the company’s stock valued at $129,538,000 after purchasing an additional 11,326 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Price Performance

Shares of ABBV opened at $210.25 on Tuesday. The business’s fifty day moving average is $195.58 and its 200 day moving average is $193.66. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The stock has a market cap of $371.42 billion, a P/E ratio of 100.12, a P/E/G ratio of 1.35 and a beta of 0.53.

AbbVie (NYSE:ABBV) last announced its earnings results 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 during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter in the prior year, the company earned $2.65 EPS. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

Insider Activity at AbbVie

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ABBV shares. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Piper Sandler started coverage on AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 target price on the stock. Citigroup upped their price target on AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Morgan Stanley lifted 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. Finally, BNP Paribas raised shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.