Amalgamated Bank Increases Stake in AbbVie Inc. $ABBV

Amalgamated Bank grew its position in AbbVie Inc. (NYSE:ABBV) by 5.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 389,800 shares of the company’s stock after purchasing an additional 19,800 shares during the quarter. AbbVie makes up about 0.6% of Amalgamated Bank’s investment portfolio, making the stock its 23rd largest holding. Amalgamated Bank’s holdings in AbbVie were worth $72,355,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ABBV. Brighton Jones LLC boosted its position in shares of AbbVie by 17.4% in the fourth 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 during the period. Revolve Wealth Partners LLC boosted its position 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 worth $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Golden State Wealth Management LLC boosted its position in shares of AbbVie by 4.6% during the first quarter. Golden State Wealth Management LLC now owns 2,124 shares of the company’s stock worth $445,000 after acquiring an additional 93 shares during the last quarter. Rovin Capital UT ADV bought a new position in shares of AbbVie during the first quarter worth $237,000. Finally, Vontobel Holding Ltd. boosted its position in shares of AbbVie by 2.9% during the first quarter. Vontobel Holding Ltd. now owns 134,440 shares of the company’s stock worth $28,168,000 after acquiring an additional 3,841 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ABBV. Cantor Fitzgerald set a $250.00 target price on shares of AbbVie and gave the stock an “overweight” rating in a research report on Thursday, October 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Evercore ISI increased their price objective on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Finally, Raymond James Financial reiterated an “outperform” rating and set a $250.00 price objective (up previously from $236.00) on shares of AbbVie in a research report on Friday, October 17th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $234.80.

Insider Buying and Selling at AbbVie

In other news, 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 owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’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 directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.25% of the company’s stock.

AbbVie Trading Down 1.0%

Shares of ABBV opened at $225.24 on Thursday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company has a market cap of $397.90 billion, a P/E ratio of 107.26, a P/E/G ratio of 1.44 and a beta of 0.51. 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 simple moving average is $221.89 and its 200-day simple moving average is $200.31.

AbbVie (NYSE:ABBV) last announced its 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 firm had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the prior year, the company posted $2.65 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie’s dividend payout ratio is currently 312.38%.

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.