Exencial Wealth Advisors LLC Cuts Position in AbbVie Inc. $ABBV

Key Points

• Exencial Wealth Advisors LLC reduced its holdings in AbbVie Inc. by 5.8% during the second quarter, resulting in ownership of approximately $7.4 million worth of shares.
• AbbVie reported earnings of $2.97 EPS for the quarter but missed analysts' expectations of $3.24 EPS, although revenue was higher than anticipated at $15.42 billion.
• AbbVie has announced a quarterly dividend of $1.64 per share, with a yield of 2.8%, despite a high dividend payout ratio of 312.38%.

Exencial Wealth Advisors LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 5.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,906 shares of the company's stock after selling 2,464 shares during the quarter. Exencial Wealth Advisors LLC's holdings in AbbVie were worth $7,407,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. TD Capital Management LLC lifted its stake in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares in the last quarter. Marshall & Sullivan Inc. WA bought a new position in shares of AbbVie in the second quarter worth approximately $25,000. Abound Financial LLC bought a new position in shares of AbbVie in the first quarter worth approximately $30,000. Cypress Capital Management LLC WY bought a new position in shares of AbbVie in the first quarter worth approximately $35,000. Finally, Bear Mountain Capital Inc. lifted its stake in shares of AbbVie by 480.6% in the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company's stock worth $40,000 after buying an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Down 0.2%

Shares of ABBV stock opened at $231.48 on Wednesday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The stock has a market cap of $408.93 billion, a P/E ratio of 110.23, a P/E/G ratio of 1.45 and a beta of 0.51. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a 50 day simple moving average of $219.24 and a two-hundred day simple moving average of $198.07.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the prior year, the company posted $2.65 earnings per share. The firm's quarterly revenue was up 6.6% on a year-over-year basis. On average, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 312.38%.

Analysts Set New Price Targets

ABBV has been the topic of several analyst reports. Piper Sandler upped their target price on shares of AbbVie from $231.00 to $284.00 and gave the stock an "overweight" rating in a research note on Friday, October 10th. BMO Capital Markets upped their target price on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Bank of America upped their target price on shares of AbbVie from $220.00 to $251.00 and gave the stock a "neutral" rating in a research note on Friday, October 3rd. Hsbc Global Res downgraded shares of AbbVie from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 1st. Finally, Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Two equities 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $234.80.

Insider Buying and Selling

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company'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 transaction of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company'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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

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.

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