Tocqueville Asset Management L.P. Purchases 2,839 Shares of AbbVie Inc. (NYSE:ABBV)

Tocqueville Asset Management L.P. raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 395,451 shares of the company’s stock after acquiring an additional 2,839 shares during the period. AbbVie makes up approximately 1.4% of Tocqueville Asset Management L.P.’s investment portfolio, making the stock its 13th largest position. Tocqueville Asset Management L.P.’s holdings in AbbVie were worth $82,855,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in ABBV. Abound Financial LLC bought a new stake in shares of AbbVie in the first quarter valued at approximately $30,000. Siemens Fonds Invest GmbH boosted its stake in shares of AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after buying an additional 119,141 shares during the period. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie in the first quarter valued at approximately $35,000. Pinney & Scofield Inc. bought a new stake in shares of AbbVie in the fourth quarter valued at approximately $36,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie in the first quarter valued at approximately $42,000. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was 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 approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

AbbVie Stock Up 1.0%

Shares of NYSE:ABBV opened at $206.65 on Friday. The firm has a market cap of $365.06 billion, a P/E ratio of 98.41, a P/E/G ratio of 1.32 and a beta of 0.50. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The business has a fifty day simple moving average of $191.08 and a 200 day simple moving average of $192.08.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.65 earnings per share. Analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were given a dividend of $1.64 per share. 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 currently 312.38%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Bank of America boosted their price target on AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research report on Thursday, May 8th. Cantor Fitzgerald began coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 target price for the company. Piper Sandler began coverage on AbbVie in a research note on Tuesday. They set an “overweight” rating and a $231.00 target price for the company. Finally, Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Six research analysts have rated the stock with a hold rating, seventeen have given a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $214.95.

About AbbVie

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.