Kimelman & Baird LLC Invests $5.79 Million in AbbVie Inc. (NYSE:ABBV)

Kimelman & Baird LLC acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the 2nd quarter, HoldingsChannel reports. The firm acquired 33,766 shares of the company’s stock, valued at approximately $5,792,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Frisch Financial Group Inc. raised its stake in shares of AbbVie by 0.8% during the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after purchasing an additional 53 shares during the last quarter. Capital Advisors Ltd. LLC raised its position in AbbVie by 1.3% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock worth $764,000 after buying an additional 55 shares during the last quarter. Hilltop Partners LLC lifted its stake in shares of AbbVie by 1.4% in the 2nd quarter. Hilltop Partners LLC now owns 3,859 shares of the company’s stock worth $662,000 after acquiring an additional 55 shares during the period. Lokken Investment Group LLC boosted its holdings in shares of AbbVie by 3.6% in the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after acquiring an additional 58 shares in the last quarter. Finally, Longfellow Investment Management Co. LLC boosted its holdings in shares of AbbVie by 1.0% in the second quarter. Longfellow Investment Management Co. LLC now owns 5,622 shares of the company’s stock valued at $964,000 after acquiring an additional 58 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Trading Up 1.5 %

Shares of ABBV opened at $194.79 on Monday. The company has a market capitalization of $343.97 billion, a PE ratio of 57.80, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The stock has a fifty day moving average of $191.54 and a two-hundred day moving average of $176.22.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the company earned $2.91 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts forecast that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. BMO Capital Markets raised their price objective on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Barclays lifted their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Piper Sandler boosted their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, Morgan Stanley raised their price target on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $191.64.

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.