Castle Rock Wealth Management LLC Trims Position in AbbVie Inc. $ABBV

Key Points

• Castle Rock Wealth Management LLC reduced its holdings in AbbVie Inc. by 69.5%, leaving them with 1,549 shares worth $288,000 at the end of the second quarter.
• AbbVie’s recent earnings report indicated an EPS of $2.97, missing analysts' estimates by $0.27, while revenues increased by 6.6% year-over-year, totaling $15.42 billion.
• The company declared a quarterly dividend of $1.64, which will be paid on November 14th, reflecting a 2.8% yield with a dividend payout ratio of 312.38%.

Castle Rock Wealth Management LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 69.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,549 shares of the company's stock after selling 3,534 shares during the quarter. Castle Rock Wealth Management LLC's holdings in AbbVie were worth $288,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of AbbVie by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock worth $36,439,271,000 after purchasing an additional 845,787 shares during the last quarter. Northern Trust Corp increased its position in shares of AbbVie by 0.9% during the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock worth $4,612,357,000 after purchasing an additional 189,294 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of AbbVie by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock worth $2,675,959,000 after purchasing an additional 713,148 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of AbbVie by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company's stock worth $1,972,050,000 after purchasing an additional 45,871 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Down 0.7%

Shares of AbbVie stock opened at $231.26 on Thursday. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The company has a 50 day moving average of $213.28 and a 200 day moving average of $196.43. 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 company has a market capitalization of $408.53 billion, a P/E ratio of 110.12, a P/E/G ratio of 1.36 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm 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 EPS. The firm's revenue was up 6.6% compared to the same quarter last year. As a group, research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm 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 $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Analysts Set New Price Targets

ABBV has been the subject of several research reports. Citigroup lifted their target price on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Cantor Fitzgerald lifted their target price on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday, September 15th. HSBC set a $225.00 target price on AbbVie in a research report on Thursday, October 2nd. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. Finally, Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $229.14.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company'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 completion of the transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. 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.

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.