AbbVie Inc. (NYSE:ABBV) Shares Sold by 1834 Investment Advisors Co.

Key Points

• 1834 Investment Advisors Co. has reduced its stake in AbbVie Inc. by 42.1%, selling 3,990 shares during the first quarter, now holding 5,489 shares valued at $1,150,000.
• AbbVie recently reported earnings of $2.97 per share, missing analyst expectations by $0.27, but revenue rose to $15.42 billion, up 6.6% year-over-year.
• The company declared a quarterly dividend of $1.64 per share, representing an annualized dividend of $6.56 and a dividend yield of 3.3%.

1834 Investment Advisors Co. trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 42.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,489 shares of the company's stock after selling 3,990 shares during the period. 1834 Investment Advisors Co.'s holdings in AbbVie were worth $1,150,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Crestline Management LP raised its position in AbbVie by 438.4% during the fourth quarter. Crestline Management LP now owns 35,311 shares of the company's stock worth $6,275,000 after acquiring an additional 28,753 shares during the last quarter. Narus Financial Partners LLC raised its position in shares of AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after purchasing an additional 401 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of AbbVie by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock worth $1,664,489,000 after purchasing an additional 108,993 shares during the last quarter. AXA S.A. raised its holdings in shares of AbbVie by 14.8% in the fourth quarter. AXA S.A. now owns 971,893 shares of the company's stock worth $172,705,000 after acquiring an additional 125,568 shares during the last quarter. Finally, Highland Capital Management LLC raised its holdings in shares of AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after acquiring an additional 2,792 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 0.4%

NYSE ABBV traded down $0.76 during trading hours on Friday, hitting $198.10. The company had a trading volume of 4,101,321 shares, compared to its average volume of 5,210,216. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The company has a market capitalization of $349.96 billion, a price-to-earnings ratio of 94.33, a P/E/G ratio of 1.28 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.64. The firm's 50 day moving average is $189.65 and its 200 day moving average is $191.06.

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

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.3%. AbbVie's dividend payout ratio (DPR) is 312.38%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ABBV shares. Cantor Fitzgerald assumed coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Citigroup boosted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Morgan Stanley boosted their price target on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research note on Thursday. Six analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and an average target price of $214.43.

Insider Transactions at AbbVie

In related news, 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 transaction of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by company insiders.

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.