4,367 Shares in AbbVie Inc. $ABBV Acquired by Corient IA LLC

Key Points

• Corient IA LLC invested $915,000 in AbbVie Inc., acquiring 4,367 shares, making it the firm's 23rd largest holding.
• The company recently reported a 6.6% year-over-year revenue increase despite missing earnings expectations, with a net margin of 6.45%.
• AbbVie announced a quarterly dividend of $1.64 per share, reflecting a 3.2% yield, though its payout ratio is notably high at 312.38%.

Corient IA LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,367 shares of the company's stock, valued at approximately $915,000. AbbVie comprises about 0.7% of Corient IA LLC's holdings, making the stock its 23rd largest holding.

Other institutional investors have also recently made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of AbbVie during the 1st quarter valued at $30,000. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the 1st quarter valued at $35,000. Pinney & Scofield Inc. bought a new stake in shares of AbbVie during the 4th quarter valued at $36,000. Inlight Wealth Management LLC bought a new stake in shares of AbbVie during the 1st quarter valued at $42,000. Finally, HWG Holdings LP bought a new stake in shares of AbbVie during the 1st quarter valued at $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

Shares of AbbVie stock traded up $2.7930 during trading on Wednesday, hitting $208.9830. 3,298,975 shares of the stock traded hands, compared to its average volume of 6,666,132. 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 cap of $369.18 billion, a price-to-earnings ratio of 99.64, a PEG ratio of 1.33 and a beta of 0.50. The firm's fifty day moving average is $191.75 and its 200-day moving average is $192.56. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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). The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.65 earnings per share. Research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were given a dividend of $1.64 per share. The ex-dividend date was Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. AbbVie's dividend payout ratio is 312.38%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The stock was 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 in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 transaction, the executive vice president owned 177,292 shares in the company, 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. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of analyst reports. Morgan Stanley boosted their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Piper Sandler initiated coverage on AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Guggenheim boosted their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Finally, Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Five research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $214.95.

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.