New York Life Investment Management LLC Purchases 3,879 Shares of AbbVie Inc. $ABBV

New York Life Investment Management LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 241,308 shares of the company’s stock after acquiring an additional 3,879 shares during the period. New York Life Investment Management LLC’s holdings in AbbVie were worth $44,792,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. FF Advisors LLC increased its stake in shares of AbbVie by 3.6% in the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock valued at $286,000 after purchasing an additional 53 shares during the last quarter. Private Management Group Inc. increased its stake in shares of AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after purchasing an additional 54 shares during the last quarter. LifeSteps Financial Inc. increased its stake in shares of AbbVie by 0.7% in the 2nd quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company’s stock valued at $1,366,000 after purchasing an additional 54 shares during the last quarter. Silicon Valley Capital Partners boosted its holdings in shares of AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock valued at $118,000 after acquiring an additional 56 shares in the last quarter. Finally, Seneca House Advisors boosted its holdings in shares of AbbVie by 2.7% during the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock valued at $388,000 after acquiring an additional 56 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

AbbVie stock opened at $227.98 on Tuesday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. 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 business’s 50 day simple moving average is $221.13 and its 200 day simple moving average is $199.58. The company has a market cap of $402.73 billion, a price-to-earnings ratio of 108.56, a PEG ratio of 1.44 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 the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.65 EPS. Sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio is currently 312.38%.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s 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 sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. The trade was 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 currently owned by company insiders.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several recent research reports. BMO Capital Markets raised their price objective on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Piper Sandler boosted their price objective on AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and upped their price target for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Evercore ISI upped their price target on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Finally, Morgan Stanley boosted their price objective on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.80.

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.