AbbVie Inc. $ABBV Shares Sold by Bank Pictet & Cie Europe AG

Key Points

• Bank Pictet & Cie Europe AG has reduced its stake in AbbVie Inc. by 3.4%, owning 274,701 shares valued at approximately $50.99 million after selling 9,740 shares.
• AbbVie reported earnings of $2.97 per share for its most recent quarter, missing analysts' expectations, while revenue increased by 6.6% year-over-year to $15.42 billion.
• The company has declared a quarterly dividend of $1.64 per share with a yield of 3.0%, set to be paid on November 14th.

Bank Pictet & Cie Europe AG trimmed its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 274,701 shares of the company's stock after selling 9,740 shares during the period. AbbVie makes up about 1.1% of Bank Pictet & Cie Europe AG's portfolio, making the stock its 27th largest holding. Bank Pictet & Cie Europe AG's holdings in AbbVie were worth $50,990,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. FF Advisors LLC lifted its holdings in AbbVie by 3.6% in the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after acquiring an additional 53 shares during the last quarter. Private Management Group Inc. raised its holdings 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 worth $616,000 after purchasing an additional 54 shares in the last quarter. Silicon Valley Capital Partners lifted its stake in AbbVie by 10.8% during the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock valued at $118,000 after purchasing an additional 56 shares during the last quarter. Seneca House Advisors boosted its holdings in AbbVie by 2.7% during the second quarter. Seneca House Advisors now owns 2,093 shares of the company's stock worth $388,000 after buying an additional 56 shares in the last quarter. Finally, Castle Wealth Management LLC grew its position in AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after buying an additional 57 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Citigroup upped their target price on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Morgan Stanley lifted their price target on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Raymond James Financial reaffirmed an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Finally, Bank of America raised their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $223.45.

AbbVie Trading Down 0.8%

Shares of NYSE ABBV opened at $218.23 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a one year low of $163.81 and a one year high of $225.16. The business has a 50-day moving average price of $205.61 and a two-hundred day moving average price of $195.22. The firm has a market capitalization of $385.52 billion, a PE ratio of 103.92, a PEG ratio of 1.31 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly 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). The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $2.65 earnings per share. As a group, analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's payout ratio is currently 312.38%.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated 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 sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

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.

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