Grassi Investment Management Sells 1,225 Shares of AbbVie Inc. $ABBV

Grassi Investment Management decreased its position in AbbVie Inc. (NYSE:ABBV) by 1.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 96,025 shares of the company’s stock after selling 1,225 shares during the period. AbbVie comprises approximately 1.4% of Grassi Investment Management’s portfolio, making the stock its 14th biggest holding. Grassi Investment Management’s holdings in AbbVie were worth $17,824,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Corundum Group Inc. grew its holdings in AbbVie by 46.6% in the 2nd quarter. Corundum Group Inc. now owns 7,520 shares of the company’s stock worth $1,396,000 after acquiring an additional 2,391 shares during the last quarter. Fortis Capital Advisors LLC grew its stake in shares of AbbVie by 10.0% in the second quarter. Fortis Capital Advisors LLC now owns 5,214 shares of the company’s stock worth $968,000 after purchasing an additional 475 shares during the last quarter. Precedent Wealth Partners LLC grew its stake in shares of AbbVie by 11.0% in the second quarter. Precedent Wealth Partners LLC now owns 11,593 shares of the company’s stock worth $2,152,000 after purchasing an additional 1,149 shares during the last quarter. Washington Growth Strategies LLC grew its stake in shares of AbbVie by 1,947.1% in the second quarter. Washington Growth Strategies LLC now owns 4,299 shares of the company’s stock worth $798,000 after purchasing an additional 4,089 shares during the last quarter. Finally, Fairvoy Private Wealth LLC grew its position in shares of AbbVie by 8.7% in the 2nd quarter. Fairvoy Private Wealth LLC now owns 2,127 shares of the company’s stock worth $395,000 after buying an additional 170 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

ABBV has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Saturday, September 27th. Wells Fargo & Company lifted their price target on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and lifted their target price for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. UBS Group set a $251.00 target price on shares of AbbVie in a research note on Friday. Finally, Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $228.22.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s 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 owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’s 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 completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $234.07 on Friday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. 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 company’s fifty day moving average price is $210.77 and its 200-day moving average price is $196.01. The stock has a market cap of $413.49 billion, a PE ratio of 111.46, a price-to-earnings-growth ratio of 1.38 and a beta of 0.51.

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 return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the previous year, the firm earned $2.65 EPS. The company’s revenue was up 6.6% on a year-over-year basis. On average, equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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 issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

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.