AbbVie Inc. $ABBV Shares Sold by Cardinal Capital Management Inc.

Key Points

• Cardinal Capital Management Inc. reduced its holdings in AbbVie by 3.5% during the second quarter, selling 6,840 shares and holding 190,773 shares worth approximately $35.4 million.
• AbbVie reported $2.97 earnings per share for the last quarter, missing analysts' estimates of $3.24, while their revenue for the quarter was $15.42 billion, exceeding expectations.
• The company has announced a quarterly dividend of $1.64, with a dividend yield of 3.0%, although its payout ratio is notably high at 312.38%.

Cardinal Capital Management Inc. reduced its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 190,773 shares of the company's stock after selling 6,840 shares during the quarter. AbbVie comprises about 1.1% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its 27th largest holding. Cardinal Capital Management Inc.'s holdings in AbbVie were worth $35,411,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Marshall & Sullivan Inc. WA bought a new position in shares of AbbVie in the 2nd quarter valued at $25,000. TD Capital Management LLC increased its holdings in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares during the period. Abound Financial LLC bought a new stake in AbbVie during the 1st quarter valued at approximately $30,000. Siemens Fonds Invest GmbH raised its holdings in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after acquiring an additional 119,141 shares during the last quarter. Finally, Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were 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 owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 transaction, the executive vice president 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 disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

AbbVie Trading Up 0.1%

NYSE:ABBV traded up $0.30 on Friday, hitting $222.29. 14,371,957 shares of the stock were exchanged, compared to its average volume of 4,689,837. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company's 50-day moving average price is $203.12 and its 200 day moving average price is $194.78. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $223.49. The stock has a market capitalization of $392.69 billion, a price-to-earnings ratio of 105.85, a P/E/G ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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). The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.65 EPS. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. AbbVie's dividend payout ratio (DPR) is 312.38%.

Wall Street Analyst Weigh In

Several research firms have recently commented on ABBV. Morgan Stanley lifted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Bank of America boosted their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. BMO Capital Markets increased their price objective on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Finally, Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and raised their target price for the stock from $170.00 to $270.00 in a research report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $222.68.

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.