Great Lakes Advisors LLC Has $177.72 Million Position in AbbVie Inc. $ABBV

Key Points

• Great Lakes Advisors LLC has reduced its holdings in AbbVie Inc. by 2.5%, now owning approximately 850,675 shares valued at $177.7 million, making it the firm's 4th largest position.
• AbbVie executives Azita Saleki-Gerhardt and Nicholas Donoghoe have recently sold a significant number of shares, indicating potential insider selling trends.
• The company announced a quarterly dividend of $1.64 per share, with an estimated yield of 3.1% for investors of record on October 15th.

Great Lakes Advisors LLC reduced its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 850,675 shares of the company's stock after selling 21,384 shares during the period. AbbVie comprises approximately 1.6% of Great Lakes Advisors LLC's holdings, making the stock its 4th largest position. Great Lakes Advisors LLC's holdings in AbbVie were worth $177,721,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Brighton Jones LLC boosted its position in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the period. Revolve Wealth Partners LLC raised its holdings in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after buying an additional 3,064 shares in the last quarter. Driehaus Capital Management LLC bought a new position in shares of AbbVie in the fourth quarter valued at approximately $542,000. Humankind Investments LLC lifted its position in AbbVie by 22.1% during the 4th quarter. Humankind Investments LLC now owns 18,323 shares of the company's stock worth $3,256,000 after acquiring an additional 3,316 shares during the last quarter. Finally, Iron Triangle Partners LP acquired a new position in shares of AbbVie during the 4th quarter worth about $66,462,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of AbbVie stock traded up $1.42 on Wednesday, hitting $211.84. The stock had a trading volume of 4,520,633 shares, compared to its average volume of 4,149,171. The business's 50 day moving average is $199.06 and its two-hundred day moving average is $194.37. The stock has a market cap of $374.23 billion, a price-to-earnings ratio of 19.87, a price-to-earnings-growth ratio of 1.35 and a beta of 0.53. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. The company's quarterly revenue was up 6.6% on a year-over-year basis. Analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is 312.38%.

Insider Transactions at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ABBV. Morgan Stanley boosted their price target on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Guggenheim lifted their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Citigroup raised their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and a consensus price target of $214.95.

AbbVie Company 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.