Gryphon Financial Partners LLC Buys 1,490 Shares of AbbVie Inc. (NYSE:ABBV)

Gryphon Financial Partners LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,952 shares of the company’s stock after buying an additional 1,490 shares during the quarter. AbbVie makes up approximately 2.2% of Gryphon Financial Partners LLC’s portfolio, making the stock its 7th biggest position. Gryphon Financial Partners LLC’s holdings in AbbVie were worth $14,743,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in AbbVie by 6.2% during the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after purchasing an additional 9,978,415 shares during the last quarter. Capital International Investors boosted its stake in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after acquiring an additional 3,110,601 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of AbbVie by 3.3% during the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock worth $5,698,847,000 after purchasing an additional 992,496 shares during the last quarter. Norges Bank acquired a new stake in shares of AbbVie during the fourth quarter worth about $3,229,888,000. Finally, Janus Henderson Group PLC lifted its holdings in shares of AbbVie by 12.8% in the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after purchasing an additional 1,240,434 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ABBV. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Piper Sandler upped their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Barclays raised their price target on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Finally, Truist Financial reaffirmed a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $191.64.

AbbVie Stock Performance

NYSE:ABBV opened at $196.37 on Tuesday. The firm’s fifty day simple moving average is $184.40 and its 200-day simple moving average is $174.74. 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 $346.86 billion, a PE ratio of 58.27, a price-to-earnings-growth ratio of 2.64 and a beta of 0.64. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the business posted $2.91 earnings per share. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.16%. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

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

About AbbVie

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.