Evergreen Capital Management LLC Reduces Holdings in AbbVie Inc. $ABBV

Key Points

• Evergreen Capital Management LLC has reduced its holdings in AbbVie Inc. by 15.5%, owning 48,697 shares valued at approximately $10.2 million after selling 8,915 shares.
• Despite Evergreen's reduction, other institutional investors like TD Capital Management LLC and Siemens Fonds Invest GmbH have significantly increased their positions in AbbVie.
• AbbVie has recently declared a quarterly dividend of $1.64 per share, yielding 3.2%, along with a reported revenue of $15.42 billion for the last quarter, exceeding expectations.

Evergreen Capital Management LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 15.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,697 shares of the company's stock after selling 8,915 shares during the period. Evergreen Capital Management LLC's holdings in AbbVie were worth $10,203,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. TD Capital Management LLC lifted its position 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 buying an additional 58 shares during the last quarter. Abound Financial LLC purchased a new position in shares of AbbVie during the 1st quarter valued at $30,000. Siemens Fonds Invest GmbH lifted its position in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the 1st quarter valued at $35,000. Finally, Pinney & Scofield Inc. bought a new stake in shares of AbbVie during the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on ABBV. Guggenheim boosted their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Morgan Stanley boosted their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. BNP Paribas upgraded AbbVie to a "hold" rating in a research note on Thursday, May 8th. Bank of America boosted their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Finally, Piper Sandler began coverage on AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Five analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and an average price target of $214.95.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's 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 completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's 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 transaction, the executive vice president owned 58,247 shares of the company's stock, valued at $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. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Price Performance

Shares of NYSE ABBV opened at $207.91 on Friday. The firm has a market capitalization of $367.28 billion, a P/E ratio of 99.00, a P/E/G ratio of 1.34 and a beta of 0.50. 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 stock's 50-day simple moving average is $194.55 and its two-hundred day simple moving average is $193.41. AbbVie Inc. has a twelve month low of $163.81 and a twelve month 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, July 15th. AbbVie's dividend payout ratio is presently 312.38%.

About AbbVie

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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