Hudson Edge Investment Partners Inc. Grows Holdings in AbbVie Inc. (NYSE:ABBV)

Hudson Edge Investment Partners Inc. increased its stake in AbbVie Inc. (NYSE:ABBV) by 2.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,250 shares of the company’s stock after acquiring an additional 751 shares during the period. AbbVie makes up approximately 1.3% of Hudson Edge Investment Partners Inc.’s investment portfolio, making the stock its 10th biggest position. Hudson Edge Investment Partners Inc.’s holdings in AbbVie were worth $6,561,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after buying an additional 9,978,415 shares in the last quarter. Capital International Investors grew its holdings in AbbVie by 6.9% during the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after acquiring an additional 3,110,601 shares during the period. Capital Research Global Investors raised its position in AbbVie by 3.3% in the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock worth $5,698,847,000 after acquiring an additional 992,496 shares in the last quarter. Norges Bank acquired a new stake in AbbVie in the 4th quarter valued at about $3,229,888,000. Finally, Janus Henderson Group PLC boosted its position in shares of AbbVie by 12.8% during 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 in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Up 0.3 %

NYSE:ABBV traded up $0.54 on Friday, hitting $193.40. 4,312,632 shares of the company’s stock traded hands, compared to its average volume of 5,427,167. The firm has a 50-day moving average price of $183.88 and a 200-day moving average price of $174.60. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company has a market cap of $341.52 billion, a PE ratio of 57.39, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.91 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.21%. AbbVie’s dividend payout ratio is 183.98%.

Analyst Ratings Changes

A number of research firms recently commented on ABBV. Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Morgan Stanley raised their price objective on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. HSBC raised 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. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie has an average rating of “Buy” and an average target price of $191.64.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie 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.