Cypress Capital Group Has $22.54 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Key Points

• Cypress Capital Group reduced its holdings in AbbVie Inc. by 4.2%, owning 107,592 shares worth approximately $22.5 million, now making AbbVie the 6th largest holding in their portfolio.
• AbbVie plans to pay a quarterly dividend of $1.64 on August 15th, with an annualized dividend yield of 3.3% despite a high payout ratio of 312.38%.
• Analysts have set new price targets for AbbVie, with Citigroup raising its target to $205 and Morgan Stanley increasing theirs to $255, reflecting a consensus rating of "Moderate Buy."

Cypress Capital Group decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,592 shares of the company's stock after selling 4,754 shares during the period. AbbVie makes up about 3.0% of Cypress Capital Group's portfolio, making the stock its 6th biggest holding. Cypress Capital Group's holdings in AbbVie were worth $22,543,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Steel Grove Capital Advisors LLC boosted its holdings in shares of AbbVie by 1.7% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after buying an additional 52 shares during the period. Peninsula Wealth LLC boosted its holdings in shares of AbbVie by 4.1% in the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after buying an additional 54 shares during the period. Private Management Group Inc. boosted its holdings in shares of AbbVie by 1.9% in the 1st 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. Connecticut Wealth Management LLC boosted its holdings in shares of AbbVie by 1.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after buying an additional 57 shares during the period. Finally, Castle Wealth Management LLC boosted its holdings in shares of AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after buying an additional 57 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction 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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by insiders.

Analysts Set New Price Targets

ABBV has been the subject of a number of analyst reports. Piper Sandler initiated coverage on shares of AbbVie in a research note on Tuesday. They set an "overweight" rating and a $231.00 target price for the company. Raymond James Financial boosted their target price on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price for the company. Six analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $214.95.

AbbVie Stock Performance

ABBV stock traded up $3.17 during midday trading on Thursday, reaching $204.64. 2,593,011 shares of the company were exchanged, compared to its average volume of 6,711,515. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The business has a 50-day moving average price of $190.39 and a two-hundred day moving average price of $191.67. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The firm has a market capitalization of $361.52 billion, a price-to-earnings ratio of 97.46, a price-to-earnings-growth ratio of 1.28 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the prior year, the company earned $2.65 EPS. The business's quarterly revenue was up 6.6% compared to the same quarter last year. Equities research analysts forecast 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, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio 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.