Grassi Investment Management Has $19.59 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Grassi Investment Management cut its holdings in AbbVie Inc. (NYSE:ABBV) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 99,200 shares of the company’s stock after selling 2,300 shares during the quarter. AbbVie accounts for 1.7% of Grassi Investment Management’s investment portfolio, making the stock its 12th largest holding. Grassi Investment Management’s holdings in AbbVie were worth $19,590,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. FCG Investment Co purchased a new stake in AbbVie in the 1st quarter valued at $1,413,000. BluePath Capital Management LLC raised its position in AbbVie by 0.9% in the 1st quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock valued at $1,331,000 after buying an additional 67 shares during the last quarter. Palisade Asset Management LLC raised its position in AbbVie by 65.6% in the 1st quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock valued at $17,726,000 after buying an additional 38,562 shares during the last quarter. First Hawaiian Bank raised its position in AbbVie by 9.0% in the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after buying an additional 2,657 shares during the last quarter. Finally, PGGM Investments raised its position in AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock valued at $5,624,000 after buying an additional 24,756 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent analyst reports. UBS Group upped their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. BMO Capital Markets upped their price objective on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Piper Sandler increased their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Finally, Sanford C. Bernstein initiated coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target for the company. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Trading Down 0.5 %

NYSE ABBV opened at $187.87 on Thursday. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The company has a fifty day moving average of $194.22 and a 200 day moving average of $178.08. The company has a market capitalization of $331.75 billion, a PE ratio of 55.75, a P/E/G ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the company earned $2.91 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 10.85 earnings per share for the current 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 issued a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.30%. AbbVie’s payout ratio is 183.98%.

Insider Transactions at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company 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.