Park Place Capital Corp Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

Park Place Capital Corp cut its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 17.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,300 shares of the company's stock after selling 1,914 shares during the period. Park Place Capital Corp's holdings in AbbVie were worth $1,948,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock worth $30,754,908,000 after purchasing an additional 1,424,237 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of AbbVie by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock worth $6,586,948,000 after purchasing an additional 983,888 shares during the period. Capital Research Global Investors boosted its holdings in shares of AbbVie by 2.3% in the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after buying an additional 778,126 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after buying an additional 3,599,336 shares during the period. Finally, Norges Bank purchased a new stake in AbbVie during the fourth quarter valued at approximately $4,459,385,000. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.25% of the stock is currently owned by company insiders.

AbbVie Price Performance

Shares of AbbVie stock traded down $4.90 during trading on Friday, reaching $181.89. 29,262,557 shares of the stock traded hands, compared to its average volume of 6,318,618. AbbVie Inc. has a 52-week low of $163.52 and a 52-week high of $218.66. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The business has a fifty day simple moving average of $186.03 and a two-hundred day simple moving average of $187.88. The company has a market capitalization of $321.29 billion, a price-to-earnings ratio of 77.40, a P/E/G ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm's revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.31 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. BNP Paribas raised AbbVie to a "hold" rating in a report on Thursday, May 8th. Cantor Fitzgerald started coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Finally, Evercore ISI raised their price objective on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.29.

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.