Bowen Hanes & Co. Inc. Acquires 2,970 Shares of AbbVie Inc. $ABBV

Bowen Hanes & Co. Inc. raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 28.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,310 shares of the company’s stock after acquiring an additional 2,970 shares during the quarter. Bowen Hanes & Co. Inc.’s holdings in AbbVie were worth $2,789,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. ZEGA Investments LLC raised its holdings in AbbVie by 35.5% during the first quarter. ZEGA Investments LLC now owns 15,837 shares of the company’s stock valued at $3,318,000 after acquiring an additional 4,152 shares during the period. Credit Agricole S A raised its holdings in AbbVie by 31.5% during the first quarter. Credit Agricole S A now owns 674,841 shares of the company’s stock valued at $141,393,000 after acquiring an additional 161,489 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. grew its position in shares of AbbVie by 4.9% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 376,403 shares of the company’s stock valued at $78,875,000 after purchasing an additional 17,470 shares in the last quarter. Groupama Asset Managment grew its position in shares of AbbVie by 13.3% during the first quarter. Groupama Asset Managment now owns 147,397 shares of the company’s stock valued at $30,259,000 after purchasing an additional 17,290 shares in the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. grew its position in shares of AbbVie by 4.5% during the first quarter. Van Lanschot Kempen Investment Management N.V. now owns 38,131 shares of the company’s stock valued at $7,989,000 after purchasing an additional 1,652 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Bank of America raised their price objective on AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Guggenheim raised their price objective on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Raymond James Financial raised their price objective on AbbVie from $227.00 to $236.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Finally, BNP Paribas upgraded AbbVie to a “hold” rating in a research report on Thursday, May 8th. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and five have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $214.95.

AbbVie Stock Performance

AbbVie stock opened at $206.23 on Tuesday. The company has a 50 day moving average price of $191.42 and a 200-day moving average price of $192.47. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The company has a market capitalization of $364.32 billion, a PE ratio of 98.21, a P/E/G ratio of 1.33 and a beta of 0.50.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the firm posted $2.65 EPS. The business’s revenue was up 6.6% on a year-over-year basis. As a group, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were paid a $1.64 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.2%. AbbVie’s payout ratio is 312.38%.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, 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. Insiders own 0.08% of the company’s stock.

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.