Dupont Capital Management Corp Decreases Position in AbbVie Inc. $ABBV

Key Points

• Dupont Capital Management Corp reduced its stake in AbbVie Inc. by 10.4%, holding 59,411 shares valued at approximately $11 million after selling 6,884 shares in the second quarter.
• Despite the decrease in some institutional holdings, TD Capital Management LLC significantly increased its AbbVie shares by 82.9%, reflecting ongoing investor interest.
• AbbVie recently announced a quarterly dividend of $1.64 per share scheduled for payment on November 14, with a high dividend payout ratio of 312.38%.

Dupont Capital Management Corp trimmed its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 10.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 59,411 shares of the company's stock after selling 6,884 shares during the quarter. Dupont Capital Management Corp's holdings in AbbVie were worth $11,028,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ABBV. TD Capital Management LLC lifted its position in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares in the last quarter. Marshall & Sullivan Inc. WA acquired a new stake in AbbVie during the second quarter worth about $25,000. Abound Financial LLC acquired a new stake in AbbVie during the first quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the first quarter worth about $35,000. Finally, HWG Holdings LP acquired a new stake in AbbVie during the first quarter worth about $42,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

AbbVie Trading Up 1.1%

Shares of ABBV opened at $232.07 on Tuesday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a market capitalization of $409.97 billion, a price-to-earnings ratio of 110.51, a P/E/G ratio of 1.43 and a beta of 0.51. The stock's 50-day moving average price is $218.58 and its 200 day moving average price is $197.84.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. The company's revenue was up 6.6% on a year-over-year basis. As a group, research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 312.38%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ABBV shares. Piper Sandler increased their target price on AbbVie from $231.00 to $284.00 and gave the company an "overweight" rating in a research note on Friday, October 10th. Erste Group Bank cut AbbVie from a "buy" rating to a "hold" rating in a research report on Tuesday, October 14th. JPMorgan Chase & Co. raised their target price on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Citigroup reaffirmed a "neutral" rating on shares of AbbVie in a research note on Monday, October 13th. Finally, Guggenheim set a $242.00 price target on AbbVie in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus target price of $234.80.

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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