CX Institutional Reduces Stock Position in AbbVie Inc. $ABBV

Key Points

• CX Institutional reduced its holdings in AbbVie Inc. by 4.1%, selling 2,841 shares during the second quarter, leaving it with 66,617 shares valued at approximately $12.37 million.
• AbbVie reported earnings of $2.97 per share for the last quarter, missing estimates, but had a revenue of $15.42 billion, exceeding the consensus of $14.93 billion.
• The company announced a quarterly dividend of $1.64 per share, to be paid on November 14th, representing an annualized dividend yield of 3.0% with a payout ratio of 312.38%.

CX Institutional decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,617 shares of the company's stock after selling 2,841 shares during the quarter. CX Institutional's holdings in AbbVie were worth $12,366,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. FF Advisors LLC increased its position in shares of AbbVie by 3.6% during the second quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after buying an additional 53 shares during the period. Private Management Group Inc. increased its position 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 valued at $616,000 after buying an additional 54 shares during the period. Silicon Valley Capital Partners increased its position in shares of AbbVie by 10.8% during the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock valued at $118,000 after buying an additional 56 shares during the period. Seneca House Advisors boosted its stake in AbbVie by 2.7% during the second quarter. Seneca House Advisors now owns 2,093 shares of the company's stock worth $388,000 after acquiring an additional 56 shares in the last quarter. Finally, Connecticut Wealth Management LLC grew its holdings in AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Berenberg Bank upgraded shares of AbbVie from a "hold" rating to a "buy" rating and upped their price objective for the stock from $170.00 to $270.00 in a report on Wednesday. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. upped their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday. Wells Fargo & Company upped their price objective on shares of AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, September 12th. Finally, Piper Sandler assumed coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective on the stock. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average price target of $222.68.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction 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 $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

AbbVie Stock Performance

ABBV traded up $0.30 during trading on Friday, hitting $222.29. The company's stock had a trading volume of 14,371,957 shares, compared to its average volume of 4,244,925. 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 Inc. has a one year low of $163.81 and a one year high of $223.49. The firm has a market cap of $392.69 billion, a PE ratio of 105.85, a P/E/G ratio of 1.33 and a beta of 0.53. The business's 50 day simple moving average is $203.12 and its 200-day simple moving average is $194.89.

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

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) 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.