AbbVie Inc. $ABBV Stock Position Trimmed by First Long Island Investors LLC

Key Points

• First Long Island Investors LLC has reduced its stake in AbbVie Inc. by 13.5%, currently holding 120,841 shares valued at approximately $25.3 million.
• Institutional investors now own 70.23% of AbbVie’s stock, with several hedge funds increasing their positions significantly, reflecting a mixed sentiment towards the company.
• AbbVie announced a quarterly dividend of $1.64 per share to be paid on November 14th, resulting in an annual yield of 3.0%.

First Long Island Investors LLC trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 13.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 120,841 shares of the company's stock after selling 18,927 shares during the quarter. AbbVie comprises 2.1% of First Long Island Investors LLC's holdings, making the stock its 18th biggest position. First Long Island Investors LLC's holdings in AbbVie were worth $25,319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. TD Capital Management LLC raised its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares in the last quarter. Abound Financial LLC bought a new stake in shares of AbbVie during the 1st quarter worth about $30,000. Siemens Fonds Invest GmbH grew its stake in shares of 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 purchasing an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie in the 1st quarter worth approximately $35,000. Finally, Pinney & Scofield Inc. acquired a new position in shares of AbbVie in the 4th quarter worth approximately $36,000. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, 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 transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly 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 disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ABBV shares. 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. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Piper Sandler started coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective on the stock. Bank of America lifted their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Finally, Citigroup lifted their price objective on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Stock Up 4.0%

ABBV stock opened at $220.09 on Friday. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $221.77. The company's 50 day simple moving average is $199.67 and its 200-day simple moving average is $194.48. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The firm has a market capitalization of $388.80 billion, a P/E ratio of 104.81, a P/E/G ratio of 1.36 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 EPS. The firm's revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current 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. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. AbbVie's payout ratio is presently 312.38%.

About AbbVie

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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