Pasadena Private Wealth LLC Makes New Investment in AbbVie Inc. (NYSE:ABBV)


Pasadena Private Wealth LLC bought a new position in AbbVie Inc. (NYSE: ABBV – Get Rating ) during the first quarter, HoldingsChannel reports. The institutional investor bought 1,362 shares of the company’s stock, valued at approximately $221,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Minot Wealth Management LLC boosted its holdings in shares of AbbVie by 1.2% in the first quarter. Minot Wealth Management LLC now owns 66,161 shares of the company’s stock valued at $10,725,000 after acquiring an additional 800 shares in the last quarter. Marino Stram & Associates LLC boosted its holdings in shares of AbbVie by 3.5% during the 4th quarter. Marino Stram & Associates LLC now owns 12,718 shares of the company’s stock valued at $1,722,000 after acquiring an additional 431 shares in the last quarter. Oldfather Financial Services LLC bought a new stake in shares of AbbVie in the 4th quarter valued at about $250,000. International Assets Investment Management LLC increased its holdings in shares of AbbVie by 237.7% in the 4th quarter. International Assets Investment Management LLC now owns 185,150 shares of the company’s stock valued at $1,696,000 after purchasing an additional 130,327 shares during the last quarter. Finally, RB Capital Management LLC boosted its holdings in shares of AbbVie by 3.1% in the first quarter. RB Capital Management LLC now owns 9,115 shares of the company’s stock valued at $1,478,000 after purchasing an additional 273 shares during the last quarter. Institutional investors and hedge funds own 67.03% of the company’s shares.

A number of brokerages recently weighed in on ABBV. StockNews.com raised AbbVie from a “buy” rating to a “strong-buy” rating in a report on Friday, April 8th. Wells Fargo & Company boosted their price objective on AbbVie from $165.00 to $200.00 in a report on Monday, May 2nd. Daiwa Capital Markets downgraded AbbVie from an “outperform” rating to a “neutral” rating and set a $150.00 target price on the stock. in a report from Friday, May 6. Goldman Sachs Group boosted their price objective on AbbVie from $122.00 to $140.00 and gave the company a “neutral” rating in a report on Tuesday, April 12th. Finally, Morgan Stanley raised their target price on AbbVie from $142.00 to $192.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. AbbVie has an average rating of “Moderate Buy” and a consensus target price of $159.75, according to MarketBeat.

In related news, VP Michael Severino sold 100,000 shares of AbbVie stock in a transaction that occurred on Friday, May 6th. The shares were sold at an average price of $150.81, for a total transaction of $15,081,000.00. Following the sale, the insider now directly owns 152,103 shares in the company, valued at $22,938,653.43. The transaction was disclosed in a filing with the Securities and Exchange Commission, which is available on the SEC’s website. Also, EVP Henry O. Gosebruch sold 83,960 shares of AbbVie stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $155.00, for a total value of $13,013,800.00. Following the sale, the executive vice president now owns 16,623 shares in the company, valued at $2,576,565. Disclosure of this sale can be found here. Insiders have sold 463,761 shares of company stock worth $70,609,771 over the last 90 days. 0.08% of shares are currently owned by corporate insiders.

Shares of ABBV stock opened at $153.80 on Monday. The firm has a market cap of $271.78 billion, a P/E ratio of 22.07, a P/E/G ratio of 4.33 and a beta of 0.77. AbbVie Inc. has a fifty-two week low of $105.56 and a fifty-two week high of $175.91. The business’s 50-day moving average is $149.33 and its 200-day moving average is $147.80. The company has a debt-to-equity ratio of 3.89, a quick earnings ratio of 0.71 and a current ratio of 0.82.

AbbVie (NYSE: ABBV – Get Rating ) last issued its quarterly earnings data on Friday, April 29th. The company reported $3.16 earnings per share for the quarter, topping analysts’ consensus estimates of $3.15 by $0.01. The firm had revenue of $13.36 billion for the quarter, compared to analyst estimates of $13.61 billion. AbbVie had a return on equity of 159.31% and a net margin of 22.00%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $2.95 EPS. As a group, equity analysts predict that AbbVie Inc. will post 14.02 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Friday, July 15th will be paid a dividend of $1.41 per share. The ex-dividend date is Thursday, July 14th. This represents a $5.64 annual dividend and a dividend yield of 3.67%. AbbVie’s dividend payout ratio is currently 80.92%.

AbbVie profile (Get Rating)

AbbVie Inc discovers, develops, manufactures and markets pharmaceutical products worldwide. The company offers HUMIRA, a therapy given as an injection for Behçet’s autoimmune and intestinal diseases; SKYRIZI for the treatment of moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderately to severely active rheumatoid arthritis in adult patients; IMBRUVICA to treat adults with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET for the treatment of patients with chronic HCV genotype 1-6 infection.

More information

Want to see what other hedge funds hold ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider deals for AbbVie Inc. (NYSE: ABBV – Get Rating ).

Institutional Ownership by Quarter for AbbVie (NYSE: ABBV )



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