Spirit of America Management Corp NY lifted its stake in shares of AbbVie Inc (NYSE:ABBV) by 70.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,957 shares of the company’s stock after acquiring an additional 11,507 shares during the period. Spirit of America Management Corp NY’s holdings in AbbVie were worth $2,744,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ABBV. Cypress Capital Group raised its position in AbbVie by 4.7% during the 2nd quarter. Cypress Capital Group now owns 139,337 shares of the company’s stock worth $13,680,000 after purchasing an additional 6,206 shares during the last quarter. Chemung Canal Trust Co. raised its position in AbbVie by 39.1% during the 2nd quarter. Chemung Canal Trust Co. now owns 5,616 shares of the company’s stock worth $552,000 after purchasing an additional 1,578 shares during the last quarter. Baugh & Associates LLC raised its position in AbbVie by 2.1% during the 2nd quarter. Baugh & Associates LLC now owns 48,415 shares of the company’s stock worth $4,753,000 after purchasing an additional 976 shares during the last quarter. Forte Capital LLC ADV raised its position in AbbVie by 10.6% during the 2nd quarter. Forte Capital LLC ADV now owns 20,948 shares of the company’s stock worth $2,057,000 after purchasing an additional 2,014 shares during the last quarter. Finally, Independent Investors Inc. raised its position in AbbVie by 10.4% during the 2nd quarter. Independent Investors Inc. now owns 50,468 shares of the company’s stock worth $4,954,000 after purchasing an additional 4,768 shares during the last quarter. 72.44% of the stock is owned by institutional investors.

ABBV has been the subject of several analyst reports. ValuEngine lowered AbbVie from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 27th. Atlantic Securities raised AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 target price for the company in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. raised AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 price objective for the company in a research report on Tuesday, May 12th. SVB Leerink upped their target price on AbbVie from $107.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Finally, Piper Sandler raised their target price on AbbVie from $97.00 to $110.00 in a research note on Wednesday, June 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. AbbVie presently has a consensus rating of “Buy” and a consensus target price of $106.80.

In related news, Vice Chairman Carlos Alban sold 53,325 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $100.00, for a total value of $5,332,500.00. Following the completion of the sale, the insider now directly owns 137,899 shares of the company’s stock, valued at approximately $13,789,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Timothy J. Richmond sold 19,445 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $85.00, for a total value of $1,652,825.00. The disclosure for this sale can be found here. Insiders have sold 95,794 shares of company stock worth $9,057,485 over the last ninety days. 0.09% of the stock is owned by insiders.

Shares of NYSE:ABBV traded down $1.23 during trading on Friday, reaching $96.71. 139,798 shares of the stock were exchanged, compared to its average volume of 7,340,751. AbbVie Inc has a 1-year low of $62.55 and a 1-year high of $100.69. The stock has a fifty day moving average of $94.78 and a two-hundred day moving average of $87.42. The firm has a market cap of $146.61 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 2.13 and a beta of 0.86.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 1st. The company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.17. AbbVie had a negative return on equity of 169.80% and a net margin of 24.77%. The company had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.31 billion. During the same period in the prior year, the firm earned $2.14 earnings per share. AbbVie’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities analysts anticipate that AbbVie Inc will post 10.54 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be given a dividend of $1.18 per share. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date of this dividend is Tuesday, July 14th. AbbVie’s payout ratio is 52.80%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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