Banque Pictet & Cie SA Sells 1,853 Shares of AbbVie Inc. $ABBV

Key Points

• Banque Pictet & Cie SA reduced its holdings in AbbVie by 1.0%, selling 1,853 shares in the second quarter and holding a total of 176,491 shares valued at approximately $32.76 million.
• Multiple research firms have revised their price targets for AbbVie, with JPMorgan Chase increasing their target from $200 to $235, indicating strong confidence in the stock.
• AbbVie recently announced a quarterly dividend of $1.64, with a payout ratio of 312.38%, reflecting significant shareholder returns despite earnings challenges.

Banque Pictet & Cie SA trimmed its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 176,491 shares of the company's stock after selling 1,853 shares during the quarter. Banque Pictet & Cie SA's holdings in AbbVie were worth $32,760,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. FF Advisors LLC grew its stake in AbbVie by 3.6% in the second quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after purchasing an additional 53 shares in the last quarter. Private Management Group Inc. boosted its stake in shares of AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after acquiring an additional 54 shares during the period. Silicon Valley Capital Partners boosted its stake in shares of AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock worth $118,000 after acquiring an additional 56 shares during the period. Seneca House Advisors boosted its stake in shares of AbbVie by 2.7% during the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company's stock worth $388,000 after acquiring an additional 56 shares during the period. Finally, Castle Wealth Management LLC boosted its stake in shares of AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after acquiring an additional 57 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their target price on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Guggenheim lifted their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Cantor Fitzgerald lifted their target price on AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and lifted their target price for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Finally, Citigroup lifted their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $223.45.

AbbVie Stock Performance

NYSE:ABBV opened at $218.23 on Friday. The stock has a market cap of $385.52 billion, a P/E ratio of 103.92, a PEG ratio of 1.31 and a beta of 0.53. The stock has a 50 day simple moving average of $205.61 and a 200 day simple moving average of $195.22. 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 $225.16.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate 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 business's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.65 earnings per share. Research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie's payout ratio is currently 312.38%.

Insider Buying and Selling at AbbVie

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

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