AbbVie Inc. $ABBV Stock Holdings Decreased by Clune & Associates LTD.

Key Points

• Clune & Associates LTD. has reduced its holdings in AbbVie Inc. by 6.0% during the second quarter, now owning 18,102 shares worth $3,360,000.
• AbbVie plans to pay a quarterly dividend of $1.64 on November 14th, reflecting an annualized yield of 2.8% and a payout ratio of 312.38%.
• AbbVie recently reported a missed earnings estimate of $2.97 EPS for the quarter, below the consensus of $3.24, despite a year-over-year revenue increase of 6.6% to $15.42 billion.

Clune & Associates LTD. lowered its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 6.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,102 shares of the company's stock after selling 1,151 shares during the quarter. Clune & Associates LTD.'s holdings in AbbVie were worth $3,360,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of AbbVie by 0.5% during the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock valued at $36,439,271,000 after buying an additional 845,787 shares in the last quarter. Northern Trust Corp boosted its position in 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 acquiring an additional 189,294 shares during the period. Goldman Sachs Group Inc. boosted its position in AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after acquiring an additional 3,519,187 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 acquiring an additional 713,148 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of AbbVie by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company's stock valued at $1,972,050,000 after purchasing an additional 45,871 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Up 1.1%

AbbVie stock opened at $232.07 on Tuesday. 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 Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The firm's fifty day simple moving average is $218.58 and its 200-day simple moving average is $197.84. The company has a market capitalization of $409.97 billion, a P/E ratio of 110.51, a P/E/G ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the company earned $2.65 earnings per share. The company's quarterly revenue was up 6.6% compared to the same quarter last year. Sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's payout ratio is 312.38%.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president 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 document filed 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 shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Berenberg Bank upgraded shares of AbbVie from a "hold" rating to a "buy" rating and raised their price target for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Citigroup reiterated a "neutral" rating on shares of AbbVie in a research report on Monday, October 13th. Hsbc Global Res lowered shares of AbbVie from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, October 1st. Evercore ISI upped their price target on shares of AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. Finally, JPMorgan Chase & Co. increased their price objective on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $234.80.

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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