AlTi Global Inc. Has $9.22 Million Stock Position in AbbVie Inc. $ABBV

Key Points

• AlTi Global Inc. has reduced its stake in AbbVie Inc. by 29.0%, selling 17,935 shares during the first quarter, leaving them with 44,010 shares valued at approximately $9.2 million.
• Multiple hedge funds have increased their positions in AbbVie, with Crestline Management LP boosting its stake by 438.4%.
• Wall Street analysts maintain a positive outlook on AbbVie, with four giving it a Strong Buy rating and an average target price around $214.95.

AlTi Global Inc. lessened its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 29.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 44,010 shares of the company's stock after selling 17,935 shares during the quarter. AlTi Global Inc.'s holdings in AbbVie were worth $9,221,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. TD Capital Management LLC lifted its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie during the 1st quarter worth about $35,000. Pinney & Scofield Inc. acquired a new position in AbbVie in the 4th quarter valued at approximately $36,000. Finally, Inlight Wealth Management LLC acquired a new position in AbbVie in the 1st quarter valued at approximately $42,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Price Performance

NYSE ABBV traded down $0.66 during trading hours on Friday, reaching $212.34. 4,465,366 shares of the company's stock were exchanged, compared to its average volume of 4,155,747. The stock has a market cap of $375.11 billion, a PE ratio of 101.11, a price-to-earnings-growth ratio of 1.37 and a beta of 0.53. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The firm has a fifty day moving average of $197.74 and a 200-day moving average of $194.15. 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 announced 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 during 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 firm's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.65 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ABBV shares. Piper Sandler started coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective on the stock. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Guggenheim upped their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Morgan Stanley upped their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Citigroup upped their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $214.95.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on 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 transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% 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 company insiders.

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.