Brandywine Trust Co. Decreases Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Brandywine Trust Co. has reduced its stake in AbbVie Inc. by 3.9%, now holding 116,789 shares valued at approximately $24.47 million, making AbbVie their fourth largest position.
• Institutional investors collectively own 70.23% of AbbVie's stock, with notable increases from gamma investing, Vanguard, and Goldman Sachs in the first quarter.
• AbbVie recently declared a quarterly dividend of $1.64 per share, reflecting a payout ratio of 312.38% and an annualized dividend yield of 3.1%.

Brandywine Trust Co. lowered its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 116,789 shares of the company's stock after selling 4,800 shares during the quarter. AbbVie accounts for about 3.8% of Brandywine Trust Co.'s investment portfolio, making the stock its 4th biggest holding. Brandywine Trust Co.'s holdings in AbbVie were worth $24,470,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of ABBV. Brighton Jones LLC raised its holdings in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the period. Revolve Wealth Partners LLC raised its holdings in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after acquiring an additional 3,064 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of AbbVie during the fourth quarter worth $2,302,000. Algert Global LLC boosted its holdings in AbbVie by 9.0% during the fourth quarter. Algert Global LLC now owns 7,922 shares of the company's stock worth $1,408,000 after purchasing an additional 651 shares during the last quarter. Finally, Crestline Management LP boosted its holdings in AbbVie by 438.4% during the fourth quarter. Crestline Management LP now owns 35,311 shares of the company's stock worth $6,275,000 after purchasing an additional 28,753 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Raymond James Financial restated an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Guggenheim increased their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Bank of America increased their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Finally, Piper Sandler assumed coverage on shares of AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Stock Performance

Shares of ABBV traded down $0.66 during trading hours on Friday, hitting $212.34. The company had a trading volume of 4,465,366 shares, compared to its average volume of 4,155,747. The firm has a market cap of $375.11 billion, a price-to-earnings ratio of 101.11, a PEG ratio of 1.37 and a beta of 0.53. The business has a fifty day moving average of $197.74 and a 200-day moving average of $194.13. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. 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 (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data 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 company 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%. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.65 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on 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 directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 directly owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

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.