AbbVie Inc. (NYSE:ABBV) Shares Bought by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP has increased its stake in AbbVie Inc. by 0.5% during the first quarter, now holding 9,413,033 shares worth approximately $1.97 billion, making it the 17th largest holding in their investment portfolio.
• AbbVie recently reported second-quarter earnings of $2.97 per share, below expectations of $3.24, though revenue increased to $15.42 billion, exceeding estimates.
• The company announced a quarterly dividend of $1.64 per share, set to be paid on August 15th, with an annualized dividend yield of 3.2% and a substantial payout ratio of 312.38%.

Dimensional Fund Advisors LP increased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 0.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,413,033 shares of the company's stock after buying an additional 45,871 shares during the period. AbbVie accounts for 0.5% of Dimensional Fund Advisors LP's holdings, making the stock its 17th biggest position. Dimensional Fund Advisors LP owned about 0.53% of AbbVie worth $1,972,050,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. Horizon Investments LLC raised its position in AbbVie by 3.9% during the first quarter. Horizon Investments LLC now owns 21,991 shares of the company's stock worth $4,565,000 after acquiring an additional 830 shares during the period. Providence Capital Advisors LLC raised its position in AbbVie by 1.3% during the first quarter. Providence Capital Advisors LLC now owns 16,472 shares of the company's stock worth $3,451,000 after acquiring an additional 204 shares during the period. Azimuth Capital Investment Management LLC raised its position in AbbVie by 0.3% during the first quarter. Azimuth Capital Investment Management LLC now owns 108,098 shares of the company's stock worth $22,649,000 after acquiring an additional 339 shares during the period. Hamlin Capital Management LLC raised its position in AbbVie by 1.3% during the first quarter. Hamlin Capital Management LLC now owns 1,055,406 shares of the company's stock worth $221,129,000 after acquiring an additional 13,267 shares during the period. Finally, Trivium Point Advisory LLC raised its position in AbbVie by 3.7% during the first quarter. Trivium Point Advisory LLC now owns 9,554 shares of the company's stock worth $2,002,000 after acquiring an additional 341 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Up 1.0%

Shares of NYSE ABBV traded up $1.97 during midday trading on Friday, hitting $206.65. The company's stock had a trading volume of 4,430,806 shares, compared to its average volume of 4,938,490. The business's fifty day simple moving average is $191.08 and its two-hundred day simple moving average is $192.20. 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 Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The firm has a market capitalization of $365.06 billion, a price-to-earnings ratio of 98.41, a price-to-earnings-growth ratio of 1.33 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last issued its 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 analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm's revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business earned $2.65 EPS. On average, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were issued a $1.64 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.2%. AbbVie's dividend payout ratio (DPR) is 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Raymond James Financial increased their target price on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. 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 equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and a consensus price target 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.