DDD Partners LLC Sells 5,843 Shares of AbbVie Inc. $ABBV

Key Points

• DDD Partners LLC reduced its stake in AbbVie by 5.2%, owning 106,680 shares worth approximately $19.8 million after selling 5,843 shares.
• Several institutional investors increased their holdings in AbbVie, with notable increases such as Bear Mountain Capital Inc. boosting its stake by 480.6%.
• Analysts have set varied price targets for AbbVie, with a consensus target price of $234.80 and an average rating of "Moderate Buy."

DDD Partners LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 5.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 106,680 shares of the company's stock after selling 5,843 shares during the quarter. AbbVie makes up about 2.1% of DDD Partners LLC's portfolio, making the stock its 20th biggest position. DDD Partners LLC's holdings in AbbVie were worth $19,802,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. Marshall & Sullivan Inc. WA purchased a new stake in shares of AbbVie during the 2nd quarter valued at $25,000. TD Capital Management LLC lifted its holdings in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the 1st quarter valued at $35,000. Finally, Bear Mountain Capital Inc. lifted its holdings in shares of AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company's stock valued at $40,000 after purchasing an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

ABBV has been the subject of a number of research analyst reports. UBS Group set a $251.00 target price on AbbVie in a research note on Friday, October 3rd. BMO Capital Markets raised their target price on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Morgan Stanley raised their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. HSBC set a $225.00 target price on AbbVie in a research note on Thursday, October 2nd. Finally, Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and lifted their price objective for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $234.80.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 owned 58,247 shares in the company, valued at approximately $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. Insiders own 0.25% of the company's stock.

AbbVie Price Performance

Shares of AbbVie stock traded down $0.23 on Friday, hitting $228.02. The company's stock had a trading volume of 188,148 shares, compared to its average volume of 6,408,920. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The firm has a fifty day moving average price of $220.26 and a 200-day moving average price of $198.58. The company has a market capitalization of $402.81 billion, a price-to-earnings ratio of 108.55, a price-to-earnings-growth ratio of 1.42 and a beta of 0.51.

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

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie's 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.

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