AbbVie Inc. $ABBV Position Increased by Vident Advisory LLC

Key Points

• Vident Advisory LLC increased its stake in AbbVie Inc. by 44.7% during Q1, now holding 134,003 shares valued at approximately $28 million.
• AbbVie reported Q2 earnings of $2.97 per share, missing estimates by $0.27, despite a 6.6% year-over-year revenue increase to $15.42 billion.
• The company announced a quarterly dividend of $1.64, yielding 3.2%, with a significant dividend payout ratio of 312.38%.

Vident Advisory LLC increased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 44.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 134,003 shares of the company's stock after purchasing an additional 41,386 shares during the period. Vident Advisory LLC's holdings in AbbVie were worth $28,077,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Private Management Group Inc. increased its position in shares of AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after buying an additional 54 shares in the last quarter. Connecticut Wealth Management LLC increased its position in shares of AbbVie by 1.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after buying an additional 57 shares in the last quarter. Castle Wealth Management LLC increased its position in shares of AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after buying an additional 57 shares in the last quarter. High Falls Advisors Inc increased its position in shares of AbbVie by 3.2% in the 1st quarter. High Falls Advisors Inc now owns 1,863 shares of the company's stock valued at $390,000 after buying an additional 57 shares in the last quarter. Finally, Northstar Group Inc. increased its position in shares of AbbVie by 0.7% in the 1st quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock valued at $1,783,000 after buying an additional 58 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $207.91 on Friday. The stock has a market capitalization of $367.28 billion, a price-to-earnings ratio of 99.00, a PEG ratio of 1.34 and a beta of 0.50. The business has a 50-day moving average of $194.55 and a 200-day moving average of $193.41. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data 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). 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 in the previous year, the business earned $2.65 EPS. AbbVie's revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.2%. The ex-dividend date was Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated 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 owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Morgan Stanley increased their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Piper Sandler initiated coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price for the company. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Guggenheim increased their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $214.95.

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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