AbbVie Inc. $ABBV Shares Sold by Quintet Private Bank Europe S.A.

Quintet Private Bank Europe S.A. lowered its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 83.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,331 shares of the company's stock after selling 32,213 shares during the quarter. Quintet Private Bank Europe S.A.'s holdings in AbbVie were worth $1,175,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Gradient Investments LLC lifted its holdings in AbbVie by 5.5% in the second quarter. Gradient Investments LLC now owns 83,810 shares of the company's stock valued at $15,557,000 after acquiring an additional 4,369 shares during the period. Gallacher Capital Management LLC lifted its holdings in AbbVie by 117.7% in the second quarter. Gallacher Capital Management LLC now owns 2,356 shares of the company's stock valued at $437,000 after acquiring an additional 1,274 shares during the period. Cultivar Capital Inc. acquired a new stake in AbbVie in the second quarter valued at $352,000. New Capital Management LP lifted its holdings in AbbVie by 2.5% in the second quarter. New Capital Management LP now owns 3,074 shares of the company's stock valued at $571,000 after acquiring an additional 74 shares during the period. Finally, Wealth Alliance Advisory Group LLC lifted its holdings in AbbVie by 30.1% in the second quarter. Wealth Alliance Advisory Group LLC now owns 13,161 shares of the company's stock valued at $2,443,000 after acquiring an additional 3,047 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Trading Down 0.8%

AbbVie stock opened at $218.40 on Monday. The stock has a market cap of $385.82 billion, a PE ratio of 104.00, a P/E/G ratio of 1.40 and a beta of 0.53. The stock has a 50-day moving average price of $200.25 and a 200 day moving average price of $194.45. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $221.76. 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 (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 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 return on equity of 699.66% and a net margin of 6.45%.The company's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.65 EPS. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ABBV. Piper Sandler began coverage on AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target for the company. Citigroup raised their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Morgan Stanley raised their price target on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Guggenheim raised their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $217.10.

Insider Activity

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 completion of the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

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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