AlphaQuest LLC Sells 2,413 Shares of AbbVie Inc. $ABBV

Key Points

• AlphaQuest LLC reduced its holdings in AbbVie Inc. by 21.6%, selling 2,413 shares and now owning 8,743 shares worth approximately $1.6 million.
• AbbVie reported a net revenue of $15.42 billion for the latest quarter, exceeding analyst estimates of $14.93 billion, while the earnings per share were $2.97, falling short of the expected $3.24.
• The company declared a quarterly dividend of $1.64 per share, with a dividend yield of 2.9% and an annualized dividend total of $6.56.

AlphaQuest LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 21.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,743 shares of the company's stock after selling 2,413 shares during the quarter. AlphaQuest LLC's holdings in AbbVie were worth $1,623,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Nuveen LLC acquired a new stake in shares of AbbVie in the 1st quarter valued at $1,819,154,000. Assenagon Asset Management S.A. boosted its stake in shares of AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock valued at $804,116,000 after purchasing an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of AbbVie in the 2nd quarter valued at $581,817,000. Finally, Invesco Ltd. boosted its stake in shares of AbbVie by 17.5% in the 1st quarter. Invesco Ltd. now owns 8,367,049 shares of the company's stock valued at $1,753,064,000 after purchasing an additional 1,246,863 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

AbbVie stock opened at $228.06 on Friday. 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 Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The company has a market cap of $402.87 billion, a PE ratio of 108.60, a PEG ratio of 1.44 and a beta of 0.51. The company's 50-day moving average is $220.69 and its two-hundred day moving average is $198.94.

AbbVie (NYSE:ABBV - Get Free Report) last released 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 earnings per share. The business's revenue for the quarter was up 6.6% on a year-over-year basis. Equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. AbbVie's dividend payout ratio is 312.38%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ABBV shares. Guggenheim boosted their target price on shares of AbbVie from $227.00 to $242.00 and gave the company a "buy" rating in a research note on Monday. Wells Fargo & Company upped their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, September 12th. Bank of America upped their price target on shares of AbbVie from $220.00 to $251.00 and gave the stock a "neutral" rating in a research report on Friday, October 3rd. Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a research report on Friday. Finally, Piper Sandler upped their price target on shares of AbbVie from $231.00 to $284.00 and gave the stock an "overweight" rating in a research report on Friday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.80.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were 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 of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

AbbVie 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.

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