Alpine Bank Wealth Management Decreases Position in AbbVie Inc. $ABBV

Alpine Bank Wealth Management cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,166 shares of the company’s stock after selling 347 shares during the period. Alpine Bank Wealth Management’s holdings in AbbVie were worth $3,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Brighton Jones LLC grew its stake in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after buying an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after buying an additional 3,064 shares during the last quarter. Investors Research Corp grew its stake in shares of AbbVie by 14.2% during the first quarter. Investors Research Corp now owns 846 shares of the company’s stock valued at $177,000 after buying an additional 105 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its stake in shares of AbbVie by 16.9% during the first quarter. Fifth Third Wealth Advisors LLC now owns 51,158 shares of the company’s stock valued at $10,719,000 after buying an additional 7,387 shares during the last quarter. Finally, Aletheian Wealth Advisors LLC grew its stake in shares of AbbVie by 12.5% during the first quarter. Aletheian Wealth Advisors LLC now owns 2,092 shares of the company’s stock valued at $438,000 after buying an additional 233 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Up 1.0%

Shares of NYSE ABBV opened at $220.75 on Monday. 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 stock has a market capitalization of $389.97 billion, a PE ratio of 105.12, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. The stock’s fifty day simple moving average is $206.24 and its two-hundred day simple moving average is $195.04. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $225.16.

AbbVie (NYSE:ABBV) 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). The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business posted $2.65 EPS. As a group, analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal 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. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Analysts Set New Price Targets

A number of research firms have recently commented on ABBV. Cantor Fitzgerald upped their target price on AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. upped their target price on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Citigroup increased their price objective on AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Evercore ISI increased their price objective on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Finally, Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $223.45.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction 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 sale, the executive vice president 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

About AbbVie

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.