Anchor Investment Management LLC Sells 5,805 Shares of AbbVie Inc. $ABBV

Key Points

• Anchor Investment Management LLC has reduced its position in AbbVie Inc. by 6.4%, selling 5,805 shares, bringing its total holdings to 84,926 shares worth approximately $17.79 million.
• Multiple institutional investors have increased their stakes in AbbVie, with GAMMA Investing LLC raising its stake by 25,841.6% and Goldman Sachs increasing its position by 31.6%.
• AbbVie recently announced a quarterly dividend of $1.64 per share, representing an annualized dividend yield of 3.1%, with the ex-dividend date set for October 15th.

Anchor Investment Management LLC decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 6.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,926 shares of the company's stock after selling 5,805 shares during the quarter. AbbVie accounts for approximately 1.7% of Anchor Investment Management LLC's holdings, making the stock its 10th largest holding. Anchor Investment Management LLC's holdings in AbbVie were worth $17,794,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABBV. GAMMA Investing LLC raised its stake in shares of AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Nuveen LLC acquired a new stake in shares of AbbVie in the 1st quarter valued at about $1,819,154,000. Goldman Sachs Group Inc. increased its position in shares of AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after acquiring an additional 3,519,187 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of AbbVie by 18.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company's stock valued at $2,142,832,000 after acquiring an additional 1,882,780 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in shares of AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock valued at $576,800,000 after acquiring an additional 1,641,091 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's 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 completion of the sale, the executive vice president owned 58,247 shares in the company, 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 legal filing with the SEC, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent research reports. Bank of America lifted their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Raymond James Financial reaffirmed an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Finally, Piper Sandler initiated coverage on AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Four analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Trading Up 0.3%

AbbVie stock opened at $210.46 on Wednesday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a market capitalization of $371.79 billion, a P/E ratio of 100.22, a PEG ratio of 1.35 and a beta of 0.53. The stock has a 50-day simple moving average of $198.64 and a 200 day simple moving average of $194.25.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 EPS. The company's revenue for the quarter was up 6.6% on a year-over-year basis. Analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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

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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