AbbVie Inc. $ABBV Holdings Lowered by First Hawaiian Bank

Key Points

• First Hawaiian Bank significantly reduced its stake in AbbVie Inc. by 78.5%, selling 27,445 shares and now holding only 7,496 shares valued at approximately $1.57 million.
• AbbVie reported a net income margin of 6.45% for the most recent quarter, with revenue increasing by 6.6% year-over-year, although earnings per share fell short of analyst expectations.
• The company declared a quarterly dividend of $1.64, which reflects an annualized yield of 3.0% and a high dividend payout ratio of 312.38%.

First Hawaiian Bank reduced its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 78.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,496 shares of the company's stock after selling 27,445 shares during the period. First Hawaiian Bank's holdings in AbbVie were worth $1,571,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. TD Capital Management LLC grew its stake in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC bought a new position in AbbVie during the 1st quarter worth $30,000. Siemens Fonds Invest GmbH grew its stake in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY bought a new position in AbbVie during the 1st quarter worth $35,000. Finally, Pinney & Scofield Inc. bought a new position in AbbVie during the 4th quarter worth $36,000. 70.23% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction 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. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction 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 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 disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Bank of America upped their price objective on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research note on Thursday, August 7th. Piper Sandler initiated coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target for the company. Finally, Wells Fargo & Company increased their price target on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday. Four analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $218.76.

AbbVie Price Performance

ABBV stock traded down $0.42 during trading hours on Monday, hitting $217.92. 5,161,688 shares of the stock traded hands, compared to its average volume of 6,469,942. The stock has a 50-day simple moving average of $200.86 and a 200 day simple moving average of $194.51. AbbVie Inc. has a one year low of $163.81 and a one year high of $221.76. The company has a market cap of $384.97 billion, a P/E ratio of 103.77, a P/E/G ratio of 1.40 and a beta of 0.53. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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). 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 period in the prior year, the business earned $2.65 EPS. The company's quarterly revenue was up 6.6% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

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.