Dakota Wealth Management Sells 1,691 Shares of AbbVie Inc. $ABBV

Key Points

• Dakota Wealth Management reduced its stake in AbbVie Inc. by 3.8%, selling 1,691 shares, and now owns 42,553 shares worth approximately $7.9 million.
• AbbVie announced a quarterly dividend of $1.64 per share, with an annualized yield of 3.0%, and a payout ratio of 312.38%.
• AbbVie's recent earnings report showed $2.97 earnings per share, missing estimates, but revenue reached $15.42 billion, exceeding expectations.

Dakota Wealth Management reduced its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,553 shares of the company's stock after selling 1,691 shares during the period. Dakota Wealth Management's holdings in AbbVie were worth $7,899,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie during the 2nd quarter valued at about $25,000. TD Capital Management LLC lifted its stake in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC bought a new stake in shares of AbbVie in the 1st quarter valued at about $30,000. Siemens Fonds Invest GmbH lifted its stake in shares of AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after acquiring an additional 119,141 shares during the last quarter. Finally, Cypress Capital Management LLC WY bought a new stake in shares of AbbVie in the 1st quarter valued at about $35,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

ABBV stock opened at $220.11 on Thursday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $225.16. The company has a market cap of $388.84 billion, a P/E ratio of 104.81, a PEG ratio of 1.33 and a beta of 0.53. The firm has a 50-day moving average of $205.07 and a 200 day moving average of $195.21. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last issued 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). The firm had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.65 earnings per share. On average, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm 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. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ABBV shares. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Morgan Stanley lifted their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Piper Sandler started coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Finally, Citigroup raised their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and a consensus price target of $223.45.

Insider Buying and Selling at AbbVie

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

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.

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