AbbVie Inc. $ABBV Shares Sold by Channing Capital Management LLC

Key Points

• Channing Capital Management LLC reduced its holdings in AbbVie Inc. by 20.9% during the first quarter, selling 12,723 shares, which brought their total to 48,075 shares worth approximately $10 million.
• AbbVie reported $2.97 earnings per share for the last quarter, missing expectations of $3.24, but exceeded revenue forecasts with $15.42 billion compared to an expected $14.93 billion.
• AbbVie recently declared a quarterly dividend of $1.64, representing an annualized dividend of $6.56 and a yield of 3.1%, although its dividend payout ratio stands at a high 312.38%.

Channing Capital Management LLC lowered its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 20.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,075 shares of the company's stock after selling 12,723 shares during the quarter. Channing Capital Management LLC's holdings in AbbVie were worth $10,073,000 as of its most recent SEC filing.

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

AbbVie Stock Performance

ABBV opened at $208.7240 on Thursday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a market cap of $368.72 billion, a price-to-earnings ratio of 99.39, a PEG ratio of 1.32 and a beta of 0.50. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The firm's fifty day simple moving average is $192.10 and its two-hundred day simple moving average is $192.68.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.65 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Analysts Set New Price Targets

Several research firms recently commented on ABBV. 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. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Raymond James Financial raised their price target on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Piper Sandler began coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target on the stock. Finally, Guggenheim raised their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Five research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $214.95.

Insider Activity

In other 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 transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm'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 transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This 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.

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.

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