Maple Capital Management Inc. Buys 1,092 Shares of AbbVie Inc. $ABBV

Maple Capital Management Inc. grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 46.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,429 shares of the company’s stock after purchasing an additional 1,092 shares during the period. Maple Capital Management Inc.’s holdings in AbbVie were worth $718,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Brighton Jones LLC increased its holdings in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of AbbVie by 0.8% in the 4th quarter. ProShare Advisors LLC now owns 1,262,493 shares of the company’s stock worth $224,345,000 after buying an additional 10,064 shares during the last quarter. Redwood Investment Management LLC boosted its stake in shares of AbbVie by 599.8% in the 4th quarter. Redwood Investment Management LLC now owns 13,633 shares of the company’s stock worth $2,423,000 after buying an additional 11,685 shares during the last quarter. Finally, Raiffeisen Bank International AG purchased a new position in shares of AbbVie in the 4th quarter worth approximately $62,420,000. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

AbbVie stock opened at $220.09 on Friday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $221.77. 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 simple moving average is $199.67 and its 200 day simple moving average is $194.48. The company has a market cap of $388.80 billion, a price-to-earnings ratio of 104.81, a PEG ratio of 1.36 and a beta of 0.53.

AbbVie (NYSE:ABBV) last posted 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 during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 EPS. AbbVie’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts forecast 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. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. AbbVie’s dividend payout ratio is currently 312.38%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ABBV. Guggenheim boosted their target price on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Piper Sandler began coverage on AbbVie in a research note on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 target price on the stock. Raymond James Financial restated an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Four equities research 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 company’s stock. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $214.95.

Insiders Place Their Bets

In related news, 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 sale, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

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.