Board of the Pension Protection Fund Reduces Holdings in AbbVie Inc. $ABBV

Key Points

• The Pension Protection Fund has reduced its holdings in AbbVie Inc. by 53.5% in the second quarter, leaving them with 2,000 shares worth approximately $371,000.
• AbbVie reported a quarterly EPS of $2.97, missing analysts' estimates, but achieved revenues of $15.42 billion, exceeding expectations.
• The company announced a quarterly dividend of $1.64, payable on November 14th, representing a 2.8% yield with a high payout ratio of 312.38%.

Board of the Pension Protection Fund lowered its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 53.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,000 shares of the company's stock after selling 2,300 shares during the quarter. Board of the Pension Protection Fund's holdings in AbbVie were worth $371,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. TD Capital Management LLC grew its position in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after buying an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie during the second quarter worth $25,000. Abound Financial LLC purchased a new stake in shares of AbbVie in the first quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie in the 1st quarter valued at approximately $35,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of AbbVie in the first quarter valued at $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

ABBV stock opened at $230.88 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The stock's 50 day moving average is $214.84 and its two-hundred day moving average is $196.76. The company has a market capitalization of $407.86 billion, a PE ratio of 109.94, a P/E/G ratio of 1.35 and a beta of 0.51.

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). The company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.65 EPS. Analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business'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. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business'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 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.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Hsbc Global Res downgraded AbbVie from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 1st. Morgan Stanley raised their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. UBS Group set a $251.00 price objective on AbbVie in a research report on Friday, October 3rd. JPMorgan Chase & Co. raised their price objective on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Finally, Guggenheim raised their target price on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $231.90.

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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.