Candriam S.C.A. Trims Position in AbbVie Inc. $ABBV

Key Points

• Candriam S.C.A. has reduced its stake in AbbVie Inc. by 3.2%, now holding 401,498 shares worth approximately $84.1 million after selling 13,340 shares this quarter.
• Multiple institutional investors, including Steel Grove Capital Advisors and Private Management Group Inc., have increased their stakes in AbbVie, indicating continued interest in the company.
• AbbVie recently reported a quarterly earnings miss, with EPS of $2.97 compared to the consensus estimate of $3.24, but saw a year-over-year revenue increase of 6.6%.

Candriam S.C.A. lessened its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 401,498 shares of the company's stock after selling 13,340 shares during the period. Candriam S.C.A.'s holdings in AbbVie were worth $84,122,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Steel Grove Capital Advisors LLC boosted its stake in shares of AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after buying an additional 52 shares during the period. Private Management Group Inc. boosted its stake in shares of AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after buying an additional 54 shares during the period. Connecticut Wealth Management LLC boosted its stake in shares of AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after buying an additional 57 shares during the period. Castle Wealth Management LLC boosted its stake in shares of AbbVie by 3.4% during the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after buying an additional 57 shares during the period. Finally, High Falls Advisors Inc increased its stake in AbbVie by 3.2% in the 1st quarter. High Falls Advisors Inc now owns 1,863 shares of the company's stock valued at $390,000 after buying an additional 57 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Activity

In related news, 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 transaction, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated 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 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 disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. Piper Sandler assumed coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective on the stock. Evercore ISI boosted their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, BNP Paribas raised shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Five research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Price Performance

AbbVie stock opened at $205.9930 on Wednesday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week 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. The firm's 50-day simple moving average is $191.75 and its 200 day simple moving average is $192.56. The firm has a market capitalization of $363.90 billion, a PE ratio of 98.09, a P/E/G ratio of 1.33 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. AbbVie's quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were paid a $1.64 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.2%. AbbVie's payout ratio is presently 312.38%.

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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