Everett Harris & Co. CA Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Key Points

• Everett Harris & Co. CA reduced its holdings in AbbVie Inc. by 0.7% in Q1, now owning 524,149 shares valued at approximately $109.8 million.
• Bank of America has increased its price target on AbbVie to $204.00 and the stock currently holds an average rating of "Moderate Buy" with a target price of $214.43.
• AbbVie has declared a quarterly dividend of $1.64 per share, which will result in an annualized dividend of $6.56 and a dividend yield of 3.3%.

Everett Harris & Co. CA reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 0.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 524,149 shares of the company's stock after selling 3,908 shares during the quarter. AbbVie makes up approximately 1.4% of Everett Harris & Co. CA's holdings, making the stock its 16th biggest position. Everett Harris & Co. CA's holdings in AbbVie were worth $109,820,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. EnRich Financial Partners LLC grew its stake in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after buying an additional 110 shares in the last quarter. Abound Financial LLC acquired a new position in AbbVie in the 1st quarter valued at about $30,000. Siemens Fonds Invest GmbH raised its holdings in 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 period. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the 1st quarter worth approximately $35,000. Finally, Pinney & Scofield Inc. acquired a new stake in shares of AbbVie during the fourth quarter worth $36,000. Institutional investors own 70.23% of the company's stock.

Insider Transactions at AbbVie

In other AbbVie 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 approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.25% of the company's stock.

AbbVie Trading Down 0.4%

Shares of AbbVie stock traded down $0.76 during midday trading on Friday, reaching $198.10. The company had a trading volume of 4,101,321 shares, compared to its average volume of 5,210,216. The stock has a fifty day moving average price of $189.65 and a 200 day moving average price of $191.21. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.64. The firm has a market cap of $349.96 billion, a PE ratio of 94.33, a P/E/G ratio of 1.28 and a beta of 0.50. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. AbbVie's revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.65 earnings per share. On average, equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.3%. AbbVie's payout ratio is 312.38%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a research report on Thursday. Citigroup boosted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Evercore ISI increased their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Finally, Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Six equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $214.43.

AbbVie 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.