Beese Fulmer Investment Management Inc. Has $5.11 Million Stake in AbbVie Inc. (NYSE:ABBV)

Beese Fulmer Investment Management Inc. decreased its position in AbbVie Inc. (NYSE:ABBV) by 2.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 37,902 shares of the company’s stock after selling 917 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in AbbVie were worth $5,106,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Johnson & White Wealth Management LLC acquired a new position in AbbVie in the 1st quarter worth approximately $721,000. Sand Hill Global Advisors LLC boosted its stake in shares of AbbVie by 0.4% during the 1st quarter. Sand Hill Global Advisors LLC now owns 18,755 shares of the company’s stock valued at $2,989,000 after buying an additional 68 shares during the period. Chesapeake Wealth Management boosted its stake in shares of AbbVie by 21.4% during the 4th quarter. Chesapeake Wealth Management now owns 13,083 shares of the company’s stock valued at $2,114,000 after buying an additional 2,305 shares during the period. Quintet Private Bank Europe S.A. acquired a new stake in shares of AbbVie during the 1st quarter valued at $6,686,000. Finally, Capital Market Strategies LLC boosted its stake in shares of AbbVie by 5.0% during the 1st quarter. Capital Market Strategies LLC now owns 12,027 shares of the company’s stock valued at $1,917,000 after buying an additional 575 shares during the period. Institutional investors and hedge funds own 67.86% of the company’s stock.

Insiders Place Their Bets

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the sale, the chief executive officer now directly owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.26% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $153.93 on Tuesday. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $168.11. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33. The firm has a market capitalization of $271.69 billion, a PE ratio of 31.67, a price-to-earnings-growth ratio of 2.79 and a beta of 0.58. The firm has a 50-day moving average price of $146.42 and a 200 day moving average price of $147.44.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 27th. The company reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.12. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. The firm had revenue of $13.87 billion during the quarter, compared to analyst estimates of $13.52 billion. Research analysts anticipate that AbbVie Inc. will post 11.03 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 121.81%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. TheStreet raised shares of AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. William Blair assumed coverage on shares of AbbVie in a research note on Tuesday, July 25th. They issued a “market perform” rating for the company. StockNews.com assumed coverage on shares of AbbVie in a research note on Thursday, August 17th. They issued a “strong-buy” rating for the company. HSBC assumed coverage on shares of AbbVie in a research note on Friday, July 14th. They issued a “buy” rating and a $167.00 price objective for the company. Finally, Piper Jaffray Companies lifted their price objective on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research note on Friday, July 28th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $165.79.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.