AbbVie Inc. (NYSE:ABBV) EVP Sells $2,639,190.45 in Stock

Key Points

• AbbVie Inc. EVP Nicholas Donoghoe sold 13,295 shares for approximately $2.64 million, reducing his ownership by 18.58% to around 58,247 shares.
• The company's recent earnings report showed $2.97 earnings per share, missing estimates by $0.27, although revenue increased 6.6% year-over-year to $15.42 billion.
• AbbVie announced a quarterly dividend of $1.64 per share, set to be paid on August 15th, with a current dividend yield of 3.3% and a payout ratio of 312.38%.

AbbVie Inc. (NYSE:ABBV - Get Free Report) EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were 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 in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $2.47 during trading on Thursday, hitting $198.77. 4,683,286 shares of the stock were exchanged, compared to its average volume of 6,807,302. The company has a fifty day moving average price of $189.13 and a two-hundred day moving average price of $190.69. The company has a market cap of $351.13 billion, a PE ratio of 94.65, a P/E/G ratio of 1.27 and a beta of 0.50. The company has a current ratio of 0.74, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company's revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.65 earnings per share. On average, analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. AbbVie's payout ratio is currently 312.38%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ABBV. Guggenheim lifted their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Citigroup lifted their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a research report on Thursday. BNP Paribas upgraded AbbVie to a "hold" rating in a research report on Thursday, May 8th. Finally, Evercore ISI lifted their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and an average price target of $214.43.

Institutional Trading of AbbVie

A number of institutional investors have recently added to or reduced their stakes in ABBV. GAMMA Investing LLC boosted its position in AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Nuveen LLC purchased a new stake in AbbVie during the 1st quarter worth $1,819,154,000. Assenagon Asset Management S.A. boosted its position in AbbVie by 550.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock worth $804,116,000 after purchasing an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. boosted its position in AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. Finally, Kingstone Capital Partners Texas LLC purchased a new stake in AbbVie during the 2nd quarter worth $581,817,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

About AbbVie

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.

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