Hudson Valley Investment Advisors Inc. ADV Acquires 2,704 Shares of AbbVie Inc. $ABBV

Hudson Valley Investment Advisors Inc. ADV grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 5.6% in the second quarter, Holdings Channel.com reports. The firm owned 51,294 shares of the company’s stock after buying an additional 2,704 shares during the period. AbbVie comprises about 1.0% of Hudson Valley Investment Advisors Inc. ADV’s investment portfolio, making the stock its 25th biggest position. Hudson Valley Investment Advisors Inc. ADV’s holdings in AbbVie were worth $9,521,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. First Hawaiian Bank boosted its stake in AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock worth $1,403,000 after purchasing an additional 60 shares during the period. Narus Financial Partners LLC boosted its stake in AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after purchasing an additional 401 shares during the period. Highland Capital Management LLC boosted its stake in AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after purchasing an additional 2,792 shares during the period. Weaver Capital Management LLC boosted its stake in AbbVie by 3.9% in the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock worth $1,727,000 after purchasing an additional 310 shares during the period. Finally, North Star Asset Management Inc. boosted its stake in AbbVie by 0.5% in the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock worth $33,800,000 after purchasing an additional 756 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV opened at $234.07 on Friday. The stock has a 50-day moving average price of $210.77 and a 200-day moving average price of $196.01. The company has a market cap of $413.49 billion, a PE ratio of 111.46, a price-to-earnings-growth ratio of 1.38 and a beta of 0.51. 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.

AbbVie (NYSE:ABBV) last released 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 firm 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 business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.65 EPS. As a group, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal 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 given a $1.64 dividend. 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 payout ratio is presently 312.38%.

Analysts Set New Price Targets

Several brokerages have commented on ABBV. BMO Capital Markets raised their target price on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Morgan Stanley raised their target price on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Evercore ISI raised their target price on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and raised their target price for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Saturday, September 27th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $228.22.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’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 value of $8,407,055.40. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction that occurred on 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 owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.