Broadleaf Partners LLC Decreases Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Broadleaf Partners LLC reduced its stake in AbbVie Inc. by 23.8%, selling 1,800 shares and now holds 5,763 shares worth approximately $1.2 million.
• AbbVie reported a quarterly EPS of $2.97, falling short of the estimated $3.24, despite revenue exceeding expectations at $15.42 billion.
• Executives sold significant amounts of AbbVie stock recently, with Azita Saleki-Gerhardt selling 42,370 shares valued at over $8.4 million, marking a decrease in their holdings.

Broadleaf Partners LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 23.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,763 shares of the company's stock after selling 1,800 shares during the period. Broadleaf Partners LLC's holdings in AbbVie were worth $1,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Abound Financial LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $30,000. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the first quarter valued at approximately $35,000. Pinney & Scofield Inc. bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $36,000. Inlight Wealth Management LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $42,000. Finally, HWG Holdings LP bought a new stake in shares of AbbVie during the first quarter valued at approximately $42,000. Institutional investors own 70.23% of the company's stock.

Insider Transactions at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company'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 of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ABBV has been the topic of several recent analyst reports. Bank of America lifted their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Morgan Stanley boosted their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Piper Sandler started coverage on shares of AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target on the stock. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research report on Thursday, August 7th. Finally, BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Trading Down 0.6%

Shares of ABBV traded down $1.24 during trading hours on Thursday, reaching $206.82. 1,267,120 shares of the company traded hands, compared to its average volume of 6,572,851. The firm has a market cap of $365.35 billion, a price-to-earnings ratio of 98.39, a PEG ratio of 1.34 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock's fifty day moving average price is $194.10 and its 200 day moving average price is $193.29.

AbbVie (NYSE:ABBV - Get Free Report) last issued 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). The company had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.65 earnings per share. Sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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

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.