Corebridge Financial Inc. Sells 14,346 Shares of AbbVie Inc. $ABBV

Key Points

• Corebridge Financial Inc. reduced its stake in AbbVie Inc. by 3.4% during the first quarter, selling 14,346 shares and now holding 404,157 shares worth approximately $84.7 million.
• Multiple hedge funds have been increasing their stakes in AbbVie, with institutional investors owning about 70.23% of the company's stock.
• AbbVie recently declared a quarterly dividend of $1.64, with a current dividend yield of 3.1%, despite a very high payout ratio of 312.38%.

Corebridge Financial Inc. cut its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 404,157 shares of the company's stock after selling 14,346 shares during the period. AbbVie accounts for 0.5% of Corebridge Financial Inc.'s investment portfolio, making the stock its 25th largest holding. Corebridge Financial Inc.'s holdings in AbbVie were worth $84,679,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in ABBV. Brighton Jones LLC boosted its holdings in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC lifted its stake in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after buying an additional 3,064 shares during the period. Gerber Kawasaki Wealth & Investment Management lifted its stake in AbbVie by 2.3% in the fourth quarter. Gerber Kawasaki Wealth & Investment Management now owns 4,130 shares of the company's stock valued at $734,000 after buying an additional 92 shares during the period. Berger Financial Group Inc lifted its stake in AbbVie by 6.3% in the fourth quarter. Berger Financial Group Inc now owns 14,914 shares of the company's stock valued at $2,650,000 after buying an additional 885 shares during the period. Finally, Criteria Caixa S.A.U. acquired a new position in AbbVie in the fourth quarter valued at approximately $96,488,000. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ABBV has been the topic of several recent analyst reports. Citigroup boosted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Guggenheim boosted their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Five research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Stock Down 0.1%

NYSE ABBV traded down $0.12 on Wednesday, reaching $208.24. The company had a trading volume of 3,458,993 shares, compared to its average volume of 4,978,817. The stock has a market capitalization of $367.87 billion, a P/E ratio of 99.16, a P/E/G ratio of 1.34 and a beta of 0.50. The company's fifty day moving average is $194.10 and its 200 day moving average is $193.29. 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.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly 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). The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.65 earnings per share. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction 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 transaction, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate 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.