AbbVie Inc. $ABBV Shares Sold by Parsons Capital Management Inc. RI

Key Points

• Parsons Capital Management Inc. reduced its stake in AbbVie Inc. by 22.3% during the 2nd quarter, selling 23,916 shares, which now makes AbbVie about 0.9% of its investment portfolio.
• AbbVie recently declared a quarterly dividend of $1.64, with an annualized yield of 2.7%, set to be paid on November 14th.
• Analysts are generally positive about AbbVie, with a consensus rating of "Moderate Buy" and a target price of $223.45 based on multiple upward revisions from various firms.

Parsons Capital Management Inc. RI decreased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 22.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 83,243 shares of the company's stock after selling 23,916 shares during the period. AbbVie comprises about 0.9% of Parsons Capital Management Inc. RI's investment portfolio, making the stock its 17th biggest holding. Parsons Capital Management Inc. RI's holdings in AbbVie were worth $15,452,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of AbbVie by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock worth $36,439,271,000 after buying an additional 845,787 shares during the last quarter. Northern Trust Corp raised its position in shares of AbbVie by 0.9% during the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock worth $4,612,357,000 after purchasing an additional 189,294 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in AbbVie by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock valued at $2,675,959,000 after purchasing an additional 713,148 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in AbbVie by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company's stock worth $1,972,050,000 after buying an additional 45,871 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated 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 directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president 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. Company insiders own 0.25% of the company's stock.

AbbVie Price Performance

NYSE:ABBV opened at $244.77 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 business's 50-day moving average price is $208.97 and its 200 day moving average price is $195.71. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The firm has a market cap of $432.40 billion, a P/E ratio of 116.56, a PEG ratio of 1.35 and a beta of 0.51.

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 business had revenue of $15.42 billion for the quarter, compared to the consensus estimate 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 quarter last year, the business posted $2.65 EPS. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.7%. AbbVie's dividend payout ratio (DPR) is 312.38%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a research note 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. Guggenheim upped their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Cantor Fitzgerald lifted their price target on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Finally, Evercore ISI increased their price objective on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $223.45.

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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