Grassi Investment Management Sells 100 Shares of AbbVie Inc. (NYSE:ABBV)

Grassi Investment Management lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 102,700 shares of the company’s stock after selling 100 shares during the quarter. AbbVie accounts for 1.5% of Grassi Investment Management’s portfolio, making the stock its 15th biggest holding. Grassi Investment Management’s holdings in AbbVie were worth $13,837,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ABBV. Moneta Group Investment Advisors LLC increased its stake in AbbVie by 89,097.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after buying an additional 29,170,366 shares during the period. Norges Bank purchased a new position in shares of AbbVie during the fourth quarter worth approximately $3,033,348,000. Charles Schwab Investment Management Inc. raised its stake in shares of AbbVie by 138.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 21,536,656 shares of the company’s stock valued at $3,432,297,000 after acquiring an additional 12,515,744 shares in the last quarter. Morgan Stanley boosted its holdings in shares of AbbVie by 17.9% in the fourth quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after purchasing an additional 4,785,277 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in AbbVie by 426.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after purchasing an additional 3,768,579 shares in the last quarter. Institutional investors own 67.86% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Richard A. Gonzalez sold 18,500 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the sale, the chief executive officer now directly owns 625,294 shares in the company, valued at approximately $93,262,600.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ABBV shares. Credit Suisse Group lowered their target price on AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. HSBC started coverage on shares of AbbVie in a report on Friday, July 14th. They set a “buy” rating and a $167.00 target price on the stock. Piper Jaffray Companies upped their price target on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. William Blair started coverage on shares of AbbVie in a research note on Tuesday, July 25th. They set a “market perform” rating on the stock. Finally, TheStreet raised shares of AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $165.79.

AbbVie Trading Up 1.2 %

Shares of AbbVie stock opened at $153.93 on Tuesday. The stock has a market cap of $271.69 billion, a PE ratio of 31.67, a price-to-earnings-growth ratio of 2.79 and a beta of 0.58. The firm has a fifty day moving average price of $146.42 and a 200 day moving average price of $147.44. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $168.11.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The company had revenue of $13.87 billion during the quarter, compared to analysts’ expectations of $13.52 billion. Equities research analysts predict that AbbVie Inc. will post 11.03 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $5.92 annualized dividend and a yield of 3.85%. AbbVie’s dividend payout ratio is presently 121.81%.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.