AbbVie Inc. (NYSE:ABBV) Holdings Cut by Rathbones Group PLC

Key Points

• Rathbones Group PLC decreased its position in AbbVie Inc. by 7.0%, reducing its holdings to 73,856 shares worth approximately $15.5 million.
• AbbVie recently reported $2.97 EPS for the quarter, falling short of the consensus estimate of $3.24 EPS, with revenues of $15.42 billion exceeding estimates.
• The company announced a quarterly dividend of $1.64 per share, resulting in an annualized yield of 3.3%, with a high dividend payout ratio of 312.38%.

Rathbones Group PLC reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 7.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,856 shares of the company's stock after selling 5,572 shares during the period. Rathbones Group PLC's holdings in AbbVie were worth $15,474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. Ariadne Wealth Management LP raised its holdings in shares of AbbVie by 1.7% during the first quarter. Ariadne Wealth Management LP now owns 6,038 shares of the company's stock valued at $1,265,000 after acquiring an additional 100 shares during the last quarter. Finer Wealth Management Inc. purchased a new position in shares of AbbVie during the first quarter worth $214,000. Stone House Investment Management LLC purchased a new position in AbbVie in the first quarter valued at $55,000. HighTower Advisors LLC raised its stake in AbbVie by 0.4% in the first quarter. HighTower Advisors LLC now owns 1,580,357 shares of the company's stock valued at $331,116,000 after buying an additional 6,528 shares in the last quarter. Finally, Sustainable Insight Capital Management LLC increased its position in shares of AbbVie by 30.8% during the first quarter. Sustainable Insight Capital Management LLC now owns 1,698 shares of the company's stock worth $356,000 after purchasing an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Trading Up 1.0%

Shares of ABBV stock traded up $1.97 on Friday, reaching $206.65. 4,367,190 shares of the stock were exchanged, compared to its average volume of 6,700,705. The stock has a market cap of $365.06 billion, a P/E ratio of 98.41, a price-to-earnings-growth ratio of 1.29 and a beta of 0.50. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a 50 day moving average of $190.74 and a two-hundred day moving average of $191.86. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66.

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 analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The company's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.65 earnings per share. On average, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is currently 312.38%.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction dated 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 completion of the transaction, the executive vice president directly 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 ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on ABBV shares. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research report on Thursday, August 7th. Evercore ISI lifted their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Morgan Stanley boosted their price target on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Bank of America boosted their price target on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Finally, Raymond James Financial boosted their price target on AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Six research analysts have rated the stock with a hold rating, seventeen have given a buy rating and five have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.