AbbVie Inc. $ABBV Position Reduced by RNC Capital Management LLC

Key Points

• RNC Capital Management LLC reduced its position in AbbVie by 1.3%, owning 248,067 shares worth approximately $51.98 million, making it the 11th largest holding in their investment portfolio.
• AbbVie reported $2.97 earnings per share for the last quarter, missing estimates of $3.24, but its quarterly revenue increased by 6.6% year-over-year to $15.42 billion.
• The company declared a quarterly dividend of $1.64 per share, with a yield of 3.1%, and has a very high dividend payout ratio of 312.38%.

RNC Capital Management LLC trimmed its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 248,067 shares of the company's stock after selling 3,361 shares during the period. AbbVie accounts for about 2.7% of RNC Capital Management LLC's investment portfolio, making the stock its 11th biggest holding. RNC Capital Management LLC's holdings in AbbVie were worth $51,975,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. Brighton Jones LLC boosted its holdings in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing 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 worth $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at $542,000. Humankind Investments LLC lifted its holdings in shares of AbbVie by 22.1% in the fourth quarter. Humankind Investments LLC now owns 18,323 shares of the company's stock valued at $3,256,000 after buying an additional 3,316 shares during the period. Finally, Iron Triangle Partners LP acquired a new stake in AbbVie during the fourth quarter valued at approximately $66,462,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Performance

ABBV stock opened at $212.34 on Monday. The company has a 50 day moving average price of $197.74 and a 200 day moving average price of $194.08. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The stock has a market capitalization of $375.11 billion, a PE ratio of 101.11, a price-to-earnings-growth ratio of 1.37 and a beta of 0.53. 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 (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 business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the company earned $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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.1%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent analyst reports. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Daiwa Capital Markets raised 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, August 7th. Piper Sandler initiated coverage on AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target for the company. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Finally, Guggenheim increased their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $214.95.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.