Blue Trust Inc. Trims Position in AbbVie Inc. $ABBV

Key Points

• Blue Trust Inc. reduced its stake in AbbVie Inc. by 3.3% in Q2, now holding 46,013 shares worth approximately $8.54 million after selling 1,590 shares during the quarter.
• AbbVie reported $2.97 earnings per share for the last quarter, missing estimates of $3.24, but achieved a revenue of $15.42 billion, exceeding the expected $14.93 billion.
• The company announced a quarterly dividend of $1.64 per share, to be paid on November 14th, representing a 2.8% yield, with a high dividend payout ratio of 312.38%.

Blue Trust Inc. decreased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.3% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,013 shares of the company's stock after selling 1,590 shares during the quarter. Blue Trust Inc.'s holdings in AbbVie were worth $8,541,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Dohj LLC boosted its stake in shares of AbbVie by 41.8% in the second quarter. Dohj LLC now owns 4,529 shares of the company's stock worth $802,000 after acquiring an additional 1,335 shares during the period. First Hawaiian Bank lifted its holdings in AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock worth $1,403,000 after purchasing an additional 60 shares in the last quarter. Narus Financial Partners LLC boosted its stake in AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after purchasing an additional 401 shares during the period. BankPlus Trust Department grew its holdings in AbbVie by 3.3% during the 2nd quarter. BankPlus Trust Department now owns 27,113 shares of the company's stock valued at $5,033,000 after buying an additional 855 shares in the last quarter. Finally, Highland Capital Management LLC grew its holdings in AbbVie by 6.3% during the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after buying an additional 2,792 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

NYSE ABBV opened at $231.03 on Friday. The business's 50 day moving average price is $214.12 and its 200-day moving average price is $196.58. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The company has a market cap of $408.13 billion, a P/E ratio of 110.01, a P/E/G ratio of 1.35 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly 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 return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the prior year, the business earned $2.65 earnings per share. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. Sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

Analyst Ratings Changes

Several research firms have recently commented on ABBV. Piper Sandler began coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a report on Wednesday. Morgan Stanley boosted their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Finally, HSBC set a $225.00 target price on AbbVie in a report on Thursday, October 2nd. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and an average target price of $229.38.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were 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 owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

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.

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