AbbVie Inc. $ABBV Shares Sold by Cresset Asset Management LLC

Key Points

• Cresset Asset Management LLC reduced its stake in AbbVie by 22.7%, selling 61,458 shares, leading to holdings valued at approximately $43.8 million at the end of the last quarter.
• Equities analysts have shown optimism, with a consensus rating of "Moderate Buy" and price targets rising, including a target of $236.00 from Raymond James.
• AbbVie announced a quarterly dividend of $1.64 per share, resulting in an annualized yield of 3.2%, with a notably high payout ratio of 312.38%.

Cresset Asset Management LLC cut its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 22.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 209,048 shares of the company's stock after selling 61,458 shares during the period. Cresset Asset Management LLC's holdings in AbbVie were worth $43,800,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Abound Financial LLC purchased a new position in AbbVie in the 1st quarter valued at about $30,000. Siemens Fonds Invest GmbH lifted its stake in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares during the period. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the first quarter worth approximately $35,000. Pinney & Scofield Inc. purchased a new stake in AbbVie in the 4th quarter worth approximately $36,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of AbbVie during the 1st quarter worth $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Down 0.3%

NYSE:ABBV traded down $0.5770 during mid-day trading on Tuesday, hitting $205.9930. The company had a trading volume of 3,778,403 shares, compared to its average volume of 6,679,878. The business has a fifty day simple moving average of $191.42 and a 200-day simple moving average of $192.47. The firm has a market capitalization of $363.90 billion, a price-to-earnings ratio of 98.09, a PEG ratio of 1.33 and a beta of 0.50. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. 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 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). The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.65 EPS. Equities analysts forecast 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 was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Insider Activity

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Raymond James Financial increased their target price on AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Citigroup boosted their target price on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Guggenheim increased their price target on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research note on Thursday, August 7th. Five analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $214.95.

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.