Gables Capital Management Inc. Has $650,000 Position in AbbVie Inc. $ABBV

Key Points

• Gables Capital Management Inc. reduced its stake in AbbVie Inc. by 25.3% in Q2, now holding 3,504 shares valued at $650,000.
• AbbVie reported $2.97 earnings per share for the last quarter, missing consensus estimates of $3.24, while revenue increased by 6.6% year-over-year to $15.42 billion.
• The company announced a quarterly dividend of $1.64 per share, set to be paid on November 14th, with a yield of 2.8%.

Gables Capital Management Inc. lessened its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 25.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,504 shares of the company's stock after selling 1,184 shares during the period. Gables Capital Management Inc.'s holdings in AbbVie were worth $650,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. raised its position in AbbVie by 3.1% in the second quarter. Cullen Frost Bankers Inc. now owns 396,225 shares of the company's stock worth $73,547,000 after purchasing an additional 11,730 shares in the last quarter. St. Johns Investment Management Company LLC grew its stake in shares of AbbVie by 7.8% during the second quarter. St. Johns Investment Management Company LLC now owns 4,191 shares of the company's stock valued at $778,000 after purchasing an additional 305 shares during the last quarter. Wallace Advisory Group LLC grew its stake in shares of AbbVie by 9.9% during the second quarter. Wallace Advisory Group LLC now owns 3,103 shares of the company's stock valued at $576,000 after purchasing an additional 279 shares during the last quarter. Greenup Street Wealth Management LLC boosted its stake in AbbVie by 7.7% in the second quarter. Greenup Street Wealth Management LLC now owns 1,647 shares of the company's stock valued at $306,000 after acquiring an additional 118 shares during the last quarter. Finally, Jackson Thornton Wealth Management LLC boosted its stake in AbbVie by 6.0% in the second quarter. Jackson Thornton Wealth Management LLC now owns 1,455 shares of the company's stock valued at $276,000 after acquiring an additional 82 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Down 0.2%

Shares of NYSE ABBV opened at $231.48 on Wednesday. The stock's fifty day moving average is $219.24 and its 200 day moving average is $198.07. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a market capitalization of $408.93 billion, a P/E ratio of 110.23, a PEG ratio of 1.45 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 for the quarter, compared to the consensus estimate of $14.93 billion. During the same period last year, the company posted $2.65 EPS. The business's revenue was up 6.6% on a year-over-year basis. Sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given 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 is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 312.38%.

Insider Buying and Selling

In other AbbVie news, 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 value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have weighed in on ABBV. Wall Street Zen lowered shares of AbbVie from a "buy" rating to a "hold" rating in a report on Saturday, October 11th. Morgan Stanley raised their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. BMO Capital Markets boosted their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Guggenheim boosted their price objective on shares of AbbVie from $227.00 to $242.00 and gave the stock a "buy" rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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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