Focus Partners Advisor Solutions LLC Has $6.54 Million Stock Holdings in AbbVie Inc. $ABBV

Focus Partners Advisor Solutions LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.8% in the second quarter, HoldingsChannel.com reports. The fund owned 35,234 shares of the company’s stock after acquiring an additional 962 shares during the quarter. Focus Partners Advisor Solutions LLC’s holdings in AbbVie were worth $6,541,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Nuveen LLC acquired a new stake in AbbVie during the first quarter worth about $1,819,154,000. Assenagon Asset Management S.A. boosted its position in shares of AbbVie by 550.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock worth $804,116,000 after acquiring an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after acquiring an additional 3,519,187 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in AbbVie in the second quarter valued at approximately $581,817,000. Finally, Invesco Ltd. lifted its stake in AbbVie by 17.5% during the first quarter. Invesco Ltd. now owns 8,367,049 shares of the company’s stock worth $1,753,064,000 after purchasing an additional 1,246,863 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction that occurred on 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 represents a 19.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were 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 of the company’s stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Trading Down 0.1%

NYSE:ABBV opened at $228.06 on Friday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The firm’s fifty day moving average is $220.69 and its 200-day moving average is $198.94. The firm has a market cap of $402.87 billion, a P/E ratio of 108.60, a P/E/G ratio of 1.44 and a beta of 0.51.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion during 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 company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.65 earnings per share. Equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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 given 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 payout ratio is presently 312.38%.

Analyst Ratings Changes

ABBV has been the topic of a number of recent analyst reports. Guggenheim lifted their target price on AbbVie from $227.00 to $242.00 and gave the company a “buy” rating in a research report on Monday. Citigroup restated a “neutral” rating on shares of AbbVie in a research note on Monday, October 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Friday. Bank of America raised their target price on shares of AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $234.80.

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.