Independent Advisor Alliance Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Independent Advisor Alliance has decreased its holdings in AbbVie Inc. by 7.5%, now owning 115,483 shares valued at approximately $24.2 million.
• AbbVie reported earnings of $2.97 per share for the last quarter, missing the consensus estimate by $0.27, despite a revenue increase of 6.6% year-over-year.
• The company recently declared a quarterly dividend of $1.64 per share, yielding 3.3%, with a notable dividend payout ratio of 312.38%.

Independent Advisor Alliance reduced its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 115,483 shares of the company's stock after selling 9,334 shares during the quarter. AbbVie accounts for 0.8% of Independent Advisor Alliance's holdings, making the stock its 23rd biggest holding. Independent Advisor Alliance's holdings in AbbVie were worth $24,196,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Brighton Jones LLC boosted its stake in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after buying an additional 3,064 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new stake in AbbVie in the fourth quarter valued at about $3,486,000. Advisors Capital Management LLC boosted its stake in shares of AbbVie by 2.2% during the fourth quarter. Advisors Capital Management LLC now owns 567,558 shares of the company's stock valued at $100,855,000 after purchasing an additional 12,381 shares in the last quarter. Finally, Altman Advisors Inc. boosted its stake in shares of AbbVie by 1.9% during the fourth quarter. Altman Advisors Inc. now owns 15,175 shares of the company's stock valued at $2,697,000 after purchasing an additional 283 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Down 0.0%

Shares of NYSE ABBV traded down $0.08 during midday trading on Tuesday, hitting $198.56. 3,047,496 shares of the stock traded hands, compared to its average volume of 5,265,520. The company has a market cap of $350.77 billion, a PE ratio of 94.55, a P/E/G ratio of 1.28 and a beta of 0.50. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The business has a 50 day moving average price of $190.11 and a two-hundred day moving average price of $191.60. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm 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 company's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.65 EPS. On average, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. AbbVie's payout ratio is presently 312.38%.

Insider Activity

In related news, 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 transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent research reports. Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target on the stock. Morgan Stanley lifted their price target on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup lifted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $214.95.

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.