Grassi Investment Management decreased its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 0.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,700 shares of the company’s stock after selling 100 shares during the period. AbbVie comprises approximately 1.5% of Grassi Investment Management’s portfolio, making the stock its 15th largest position. Grassi Investment Management’s holdings in AbbVie were worth $13,837,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Kalos Management Inc. purchased a new stake in AbbVie during the 1st quarter worth about $26,000. Boulder Wealth Advisors LLC purchased a new stake in shares of AbbVie during the fourth quarter worth approximately $31,000. Stone House Investment Management LLC acquired a new stake in AbbVie in the first quarter valued at approximately $37,000. True Wealth Design LLC purchased a new position in AbbVie in the fourth quarter worth approximately $39,000. Finally, General Partner Inc. acquired a new position in AbbVie during the 1st quarter worth approximately $40,000. Hedge funds and other institutional investors own 67.86% of the company’s stock.
AbbVie Price Performance
Shares of NYSE:ABBV opened at $153.93 on Tuesday. The company has a debt-to-equity ratio of 4.33, a quick ratio of 0.77 and a current ratio of 0.89. AbbVie Inc. has a one year low of $130.96 and a one year high of $168.11. The company has a 50-day simple moving average of $146.42 and a 200-day simple moving average of $147.44. The stock has a market capitalization of $271.69 billion, a price-to-earnings ratio of 31.67, a PEG ratio of 2.79 and a beta of 0.58.
AbbVie Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a $1.48 dividend. 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 currently 121.81%.
Insiders Place Their Bets
In other news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the transaction, the chief executive officer now directly owns 625,294 shares in the company, valued at $93,262,600.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on the stock. Piper Jaffray Companies lifted their price objective 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. HSBC started coverage on AbbVie in a report on Friday, July 14th. They set a “buy” rating and a $167.00 price target for the company. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. Piper Sandler boosted their target price on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Finally, Credit Suisse Group dropped their price target on shares of AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $165.79.
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.
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