Brooklyn Investment Group Raises Holdings in AbbVie Inc. $ABBV

by · The Cerbat Gem

Brooklyn Investment Group boosted its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 34.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,579 shares of the company’s stock after purchasing an additional 5,241 shares during the quarter. AbbVie makes up 0.9% of Brooklyn Investment Group’s investment portfolio, making the stock its 17th biggest holding. Brooklyn Investment Group’s holdings in AbbVie were worth $4,312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of ABBV. Abound Financial LLC purchased a new position in shares of AbbVie in the 1st quarter valued at about $30,000. Siemens Fonds Invest GmbH increased its holdings in shares of AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after acquiring an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the 1st quarter valued at about $35,000. Pinney & Scofield Inc. acquired a new stake in shares of AbbVie in the 4th quarter valued at about $36,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of AbbVie in the 1st quarter valued at about $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Raymond James Financial upped their target price on AbbVie from $227.00 to $236.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Guggenheim upped their target price on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Cantor Fitzgerald assumed coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. Finally, Evercore ISI upped their target price on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $214.95.

Check Out Our Latest Analysis on ABBV

AbbVie Stock Performance

Shares of ABBV stock opened at $206.65 on Monday. The company has a market cap of $365.06 billion, a price-to-earnings ratio of 98.41, a price-to-earnings-growth ratio of 1.33 and a beta of 0.50. The stock has a 50 day simple moving average of $191.08 and a 200-day simple moving average of $192.31. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV – Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the company posted $2.65 earnings per share. On average, equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

About AbbVie

(Free Report)

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.

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