Cinctive Capital Management LP Acquires New Position in AbbVie Inc. $ABBV

Key Points

• Cinctive Capital Management LP acquired a new position in AbbVie Inc., purchasing 3,536 shares valued at approximately $741,000 during the 1st quarter.
• Insider selling activity includes EVP Nicholas Donoghoe and EVP Azita Saleki-Gerhardt selling significant shares, decreasing their respective positions by 18.58% and 19.29%.
• AbbVie announced a quarterly dividend of $1.64 per share, which will be paid on November 14, representing an annual yield of 3.1%.

Cinctive Capital Management LP acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,536 shares of the company's stock, valued at approximately $741,000.

Other institutional investors also recently bought and sold shares of the company. TD Capital Management LLC grew its position in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC purchased a new stake in AbbVie during the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie during the 1st quarter valued at about $35,000. Pinney & Scofield Inc. bought a new position in AbbVie during the 4th quarter valued at about $36,000. Finally, Inlight Wealth Management LLC bought a new position in AbbVie during the 1st quarter valued at about $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was 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.

Analyst Upgrades and Downgrades

ABBV has been the topic of several research analyst reports. Guggenheim upped their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Citigroup upped their target price on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a research note on Thursday, August 7th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $212.34 on Friday. The firm's 50 day moving average price is $197.74 and its 200-day moving average price is $194.15. AbbVie Inc. has a twelve month low of $163.81 and a twelve 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. The stock has a market capitalization of $375.11 billion, a PE ratio of 101.11, a price-to-earnings-growth ratio of 1.37 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $2.97 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 for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 EPS. AbbVie's revenue was up 6.6% on a year-over-year basis. Equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

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.

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.