Grant GrossMendelsohn LLC Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Grant GrossMendelsohn LLC increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.0% during the first quarter, HoldingsChannel reports. The firm owned 10,900 shares of the company’s stock after buying an additional 422 shares during the period. AbbVie comprises 1.0% of Grant GrossMendelsohn LLC’s portfolio, making the stock its 25th biggest holding. Grant GrossMendelsohn LLC’s holdings in AbbVie were worth $1,215,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ABBV. Howard Financial Services LTD. raised its position in shares of AbbVie by 2.8% during the 1st quarter. Howard Financial Services LTD. now owns 3,396 shares of the company’s stock valued at $368,000 after purchasing an additional 91 shares during the period. Selective Wealth Management Inc. grew its position in shares of AbbVie by 16.3% during the fourth quarter. Selective Wealth Management Inc. now owns 672 shares of the company’s stock worth $72,000 after purchasing an additional 94 shares in the last quarter. Cottage Street Advisors LLC raised its stake in AbbVie by 2.5% during the 1st quarter. Cottage Street Advisors LLC now owns 3,847 shares of the company’s stock valued at $416,000 after purchasing an additional 94 shares during the period. Financial Sense Advisors Inc. lifted its holdings in AbbVie by 0.9% in the 1st quarter. Financial Sense Advisors Inc. now owns 10,618 shares of the company’s stock worth $1,149,000 after purchasing an additional 94 shares in the last quarter. Finally, Nachman Norwood & Parrott Inc boosted its stake in AbbVie by 0.3% in the 1st quarter. Nachman Norwood & Parrott Inc now owns 27,623 shares of the company’s stock worth $2,989,000 after purchasing an additional 96 shares during the period. 67.49% of the stock is currently owned by institutional investors.

Shares of NYSE:ABBV opened at $116.43 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.95 and a debt-to-equity ratio of 5.38. The business’s 50 day moving average is $109.98 and its 200 day moving average is $105.54. The stock has a market cap of $205.64 billion, a P/E ratio of 24.62, a price-to-earnings-growth ratio of 1.54 and a beta of 0.84. AbbVie Inc. has a 52-week low of $79.11 and a 52-week high of $117.59.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, April 29th. The company reported $2.95 EPS for the quarter, beating the consensus estimate of $2.83 by $0.12. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The firm had revenue of $13.01 billion for the quarter, compared to analyst estimates of $12.84 billion. During the same quarter last year, the firm posted $2.42 earnings per share. The business’s revenue for the quarter was up 50.9% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.48 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, May 14th. Stockholders of record on Thursday, April 15th were given a $1.30 dividend. The ex-dividend date was Wednesday, April 14th. This represents a $5.20 annualized dividend and a dividend yield of 4.47%. AbbVie’s payout ratio is presently 58.17%.

ABBV has been the subject of a number of research reports. Royal Bank of Canada started coverage on shares of AbbVie in a research report on Wednesday, April 7th. They set a $135.00 target price for the company. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a report on Tuesday, February 9th. Mizuho lifted their target price on AbbVie from $126.00 to $128.00 and gave the stock a “buy” rating in a report on Monday, May 3rd. Morgan Stanley cut their price target on AbbVie from $120.00 to $116.00 and set an “overweight” rating for the company in a report on Thursday, January 28th. Finally, BMO Capital Markets increased their target price on AbbVie from $127.00 to $129.00 and gave the company an “outperform” rating in a research report on Monday, May 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $116.94.

In other news, EVP Timothy J. Richmond sold 19,514 shares of the company’s stock in a transaction on Monday, March 1st. The stock was sold at an average price of $108.59, for a total transaction of $2,119,025.26. Following the transaction, the executive vice president now directly owns 19,514 shares of the company’s stock, valued at $2,119,025.26. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Elaine K. Sorg sold 8,440 shares of the firm’s stock in a transaction dated Monday, March 1st. The stock was sold at an average price of $108.61, for a total value of $916,668.40. Following the completion of the sale, the senior vice president now directly owns 26,035 shares of the company’s stock, valued at approximately $2,827,661.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 202,251 shares of company stock worth $21,981,948. Insiders own 0.09% of the company’s stock.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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