Convergence Investment Partners LLC Raises Stock Position in AbbVie Inc (NYSE:ABBV)

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Convergence Investment Partners LLC grew its stake in shares of AbbVie Inc (NYSE:ABBV) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,271 shares of the company’s stock after buying an additional 2,487 shares during the quarter. AbbVie comprises 1.9% of Convergence Investment Partners LLC’s holdings, making the stock its 4th biggest position. Convergence Investment Partners LLC’s holdings in AbbVie were worth $5,427,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in ABBV. BlackRock Inc. lifted its stake in AbbVie by 2.8% in the first quarter. BlackRock Inc. now owns 101,381,984 shares of the company’s stock valued at $7,724,294,000 after acquiring an additional 2,788,174 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of AbbVie by 5.5% in the first quarter. Geode Capital Management LLC now owns 25,773,505 shares of the company’s stock worth $1,960,934,000 after buying an additional 1,344,728 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of AbbVie by 23.0% in the first quarter. Bank of New York Mellon Corp now owns 18,590,115 shares of the company’s stock worth $1,416,380,000 after buying an additional 3,480,190 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of AbbVie by 82.6% in the first quarter. Janus Henderson Group PLC now owns 11,515,689 shares of the company’s stock worth $877,346,000 after buying an additional 5,208,549 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of AbbVie by 6.9% in the first quarter. Morgan Stanley now owns 10,756,410 shares of the company’s stock worth $819,530,000 after buying an additional 696,233 shares during the last quarter. Institutional investors own 72.40% of the company’s stock.

In other news, EVP Timothy J. Richmond sold 19,445 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $85.00, for a total transaction of $1,652,825.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jeffrey Ryan Stewart sold 23,024 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $90.00, for a total transaction of $2,072,160.00. Following the transaction, the senior vice president now directly owns 52,760 shares of the company’s stock, valued at $4,748,400. The disclosure for this sale can be found here. Insiders have sold a total of 95,794 shares of company stock valued at $9,057,485 over the last ninety days. Company insiders own 0.09% of the company’s stock.

NYSE ABBV traded down $1.13 during trading hours on Friday, reaching $94.91. 14,614,332 shares of the company’s stock were exchanged, compared to its average volume of 5,717,843. The company’s 50-day moving average is $97.25 and its two-hundred day moving average is $88.40. AbbVie Inc has a one year low of $62.55 and a one year high of $101.28. The company has a market capitalization of $141.83 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 1.65 and a beta of 0.86.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 31st. The company reported $2.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.14. AbbVie had a negative return on equity of 169.80% and a net margin of 24.77%. The business had revenue of $10.43 billion during the quarter, compared to analysts’ expectations of $10.14 billion. During the same period in the prior year, the business earned $2.26 EPS. AbbVie’s revenue for the quarter was up 26.3% compared to the same quarter last year. Analysts predict that AbbVie Inc will post 10.45 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be paid a dividend of $1.18 per share. The ex-dividend date is Tuesday, July 14th. This represents a $4.72 annualized dividend and a dividend yield of 4.97%. AbbVie’s dividend payout ratio is currently 52.80%.

ABBV has been the subject of several research analyst reports. Piper Sandler upped their target price on shares of AbbVie from $97.00 to $110.00 in a research note on Wednesday, June 10th. JPMorgan Chase & Co. upgraded shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 target price for the company in a research note on Tuesday, May 12th. Atlantic Securities raised shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price target on the stock in a report on Tuesday, June 23rd. Evercore ISI assumed coverage on shares of AbbVie in a report on Wednesday, June 10th. They issued a “buy” rating and a $111.00 price target on the stock. Finally, Argus raised shares of AbbVie from a “hold” rating to a “buy” rating and boosted their price target for the company from $91.40 to $115.00 in a report on Tuesday, June 2nd. 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 stock. AbbVie has an average rating of “Buy” and an average price target of $106.80.

AbbVie 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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