Amalgamated Bank Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Amalgamated Bank cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 366,907 shares of the company’s stock after selling 15,679 shares during the quarter. AbbVie makes up approximately 0.5% of Amalgamated Bank’s portfolio, making the stock its 22nd largest holding. Amalgamated Bank’s holdings in AbbVie were worth $62,932,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tredje AP fonden boosted its holdings in shares of AbbVie by 31.4% in the second quarter. Tredje AP fonden now owns 714,230 shares of the company’s stock worth $122,505,000 after acquiring an additional 170,500 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in AbbVie by 8.1% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 189,255 shares of the company’s stock worth $32,461,000 after purchasing an additional 14,220 shares in the last quarter. Argent Trust Co boosted its stake in AbbVie by 0.9% in the 2nd quarter. Argent Trust Co now owns 204,172 shares of the company’s stock worth $35,020,000 after purchasing an additional 1,882 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in AbbVie by 53.4% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 486,025 shares of the company’s stock valued at $83,363,000 after buying an additional 169,211 shares in the last quarter. Finally, Meridian Wealth Partners LLC increased its position in shares of AbbVie by 3.2% during the second quarter. Meridian Wealth Partners LLC now owns 5,013 shares of the company’s stock valued at $860,000 after buying an additional 157 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of analyst reports. BMO Capital Markets raised their price objective on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a report on Wednesday, June 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Truist Financial restated a “buy” rating and set a $210.00 target price (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Finally, Wells Fargo & Company raised their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Buy” and an average target price of $191.64.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $193.50 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The stock has a market cap of $341.70 billion, a PE ratio of 57.42, a PEG ratio of 2.66 and a beta of 0.64. The company’s fifty day moving average is $187.92 and its 200 day moving average is $175.46. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.91 earnings per share. Research analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.

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.