NorthRock Partners LLC Boosts Stake in AbbVie Inc. $ABBV

NorthRock Partners LLC increased its position in AbbVie Inc. (NYSE:ABBV) by 2.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,797 shares of the company’s stock after acquiring an additional 1,759 shares during the period. NorthRock Partners LLC’s holdings in AbbVie were worth $14,253,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of ABBV. Conning Inc. grew its holdings in AbbVie by 7.1% during the second quarter. Conning Inc. now owns 191,023 shares of the company’s stock valued at $35,458,000 after purchasing an additional 12,690 shares during the period. Dohj LLC lifted its position in shares of AbbVie by 41.8% in the second quarter. Dohj LLC now owns 4,529 shares of the company’s stock worth $802,000 after buying an additional 1,335 shares in the last quarter. First Hawaiian Bank lifted its position in shares of AbbVie by 0.8% in the second quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock worth $1,403,000 after buying an additional 60 shares in the last quarter. Narus Financial Partners LLC raised its position in AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after purchasing an additional 401 shares during the period. Finally, BankPlus Trust Department raised its position in AbbVie by 3.3% during the second quarter. BankPlus Trust Department now owns 27,113 shares of the company’s stock valued at $5,033,000 after purchasing an additional 855 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $230.88 on Monday. 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 company has a market cap of $407.86 billion, a P/E ratio of 109.94, a PEG ratio of 1.42 and a beta of 0.51. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The company has a 50-day moving average price of $214.84 and a 200 day moving average price of $196.71.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period last year, the business posted $2.65 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’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 transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’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 transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and increased their price target for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Cantor Fitzgerald set a $250.00 price objective on AbbVie and gave the stock an “overweight” rating in a research note on Thursday. Bank of America upped their price objective on AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research note on Friday, October 3rd. HSBC set a $225.00 price objective on AbbVie in a report on Thursday, October 2nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $231.90.

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.