Caisse Des Depots ET Consignations Reduces Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Caisse Des Depots ET Consignations reduced its stake in AbbVie Inc. by 3.4%, holding 57,415 shares valued at approximately $12.03 million post-sale.
• AbbVie reported quarterly earnings of $2.97 per share, missing analysts' expectations of $3.24, despite achieving a revenue of $15.42 billion.
• The company announced a quarterly dividend of $1.64 per share, representing a yield of 3.3% with a significant dividend payout ratio of 312.38%.

Caisse Des Depots ET Consignations cut its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 57,415 shares of the company's stock after selling 2,012 shares during the period. AbbVie makes up 0.6% of Caisse Des Depots ET Consignations' portfolio, making the stock its 22nd largest holding. Caisse Des Depots ET Consignations' holdings in AbbVie were worth $12,030,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ABBV. Abound Financial LLC bought a new stake in shares of AbbVie in the 1st quarter valued at about $30,000. EnRich Financial Partners LLC raised its holdings in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie in the 1st quarter valued at about $35,000. Pinney & Scofield Inc. bought a new stake in shares of AbbVie in the 4th quarter valued at about $36,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie in the 1st quarter valued at about $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $198.77 on Friday. The company's fifty day moving average price is $189.13 and its 200 day moving average price is $190.69. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The company has a market capitalization of $351.13 billion, a PE ratio of 94.65, a price-to-earnings-growth ratio of 1.26 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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 firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The business's quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the company posted $2.65 earnings per share. On average, research analysts predict 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, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ABBV shares. Bank of America boosted their price target on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Guggenheim boosted their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, Evercore ISI boosted their price objective on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Seven analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $214.43.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.25% of the stock is currently 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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