Atlantic Edge Private Wealth Management LLC Has $467,000 Stock Holdings in AbbVie Inc. $ABBV

Atlantic Edge Private Wealth Management LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,517 shares of the company’s stock after selling 159 shares during the quarter. Atlantic Edge Private Wealth Management LLC’s holdings in AbbVie were worth $467,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ABBV. Nuveen LLC acquired a new stake in AbbVie during the first quarter worth about $1,819,154,000. Assenagon Asset Management S.A. grew its position in AbbVie by 550.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock worth $804,116,000 after buying an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in AbbVie during the second quarter worth about $581,817,000. Finally, Bessemer Group Inc. lifted its stake in AbbVie by 147.6% during the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock worth $576,800,000 after purchasing an additional 1,641,091 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE:ABBV opened at $232.07 on Tuesday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The firm has a 50 day moving average of $218.58 and a 200-day moving average of $197.84. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $409.97 billion, a P/E ratio of 110.51, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter last year, the firm posted $2.65 EPS. The business’s revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’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 owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’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 transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president 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 disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

ABBV has been the subject of a number of analyst reports. HSBC set a $225.00 price target on shares of AbbVie in a research note on Thursday, October 2nd. UBS Group set a $251.00 price target on shares of AbbVie in a research note on Friday, October 3rd. Bank of America raised their price target on shares of AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research note on Friday, October 3rd. Wells Fargo & Company raised their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Finally, Morgan Stanley raised their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $234.80.

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.