Grimes & Company Inc. Has $19.54 Million Stock Holdings in AbbVie Inc. $ABBV

Grimes & Company Inc. increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 105,278 shares of the company’s stock after purchasing an additional 2,172 shares during the period. Grimes & Company Inc.’s holdings in AbbVie were worth $19,542,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Brighton Jones LLC raised its holdings in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after acquiring an additional 3,064 shares in the last quarter. Signal Advisors Wealth LLC raised its holdings in AbbVie by 5.5% in the 1st quarter. Signal Advisors Wealth LLC now owns 1,733 shares of the company’s stock valued at $363,000 after acquiring an additional 91 shares in the last quarter. KFG Wealth Management LLC raised its holdings in AbbVie by 9.6% in the 1st quarter. KFG Wealth Management LLC now owns 1,819 shares of the company’s stock valued at $381,000 after acquiring an additional 160 shares in the last quarter. Finally, Sunflower Bank N.A. raised its holdings in AbbVie by 0.8% in the 1st quarter. Sunflower Bank N.A. now owns 13,763 shares of the company’s stock valued at $2,884,000 after acquiring an additional 106 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on ABBV. Bank of America upped their price target on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a report on Friday. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a report on Thursday, August 7th. HSBC set a $225.00 price objective on AbbVie in a research note on Thursday. Morgan Stanley upped their price objective on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, JPMorgan Chase & Co. upped their price objective on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $228.22.

AbbVie Stock Down 1.1%

NYSE ABBV opened at $234.07 on Monday. The firm has a market cap of $413.49 billion, a PE ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The stock’s 50 day simple moving average is $210.77 and its 200 day simple moving average is $195.79. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 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 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 was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned $2.65 earnings per share. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction 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 ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

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.