Gateway Investment Advisers LLC Sells 17,145 Shares of AbbVie Inc. $ABBV

Key Points

• Gateway Investment Advisers LLC reduced its holdings in AbbVie Inc. by 4.4%, owning 368,821 shares after selling 17,145 shares in the second quarter, now representing about 0.7% of the firm's total portfolio.
• Several institutional investors have increased their stakes in AbbVie, with Brighton Jones LLC growing its position by 17.4% and Revolve Wealth Partners LLC by 72.7% in the fourth quarter.
• AbbVie recently announced a quarterly dividend of $1.64 per share, reflecting an annualized dividend of $6.56 and a dividend yield of 3.0%, with the dividend payout ratio being 312.38%.

Gateway Investment Advisers LLC reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 368,821 shares of the company's stock after selling 17,145 shares during the quarter. AbbVie accounts for about 0.7% of Gateway Investment Advisers LLC's holdings, making the stock its 25th biggest holding. Gateway Investment Advisers LLC's holdings in AbbVie were worth $68,461,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ABBV. 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 worth $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC bought a new position in AbbVie in the first quarter valued at about $30,000. Siemens Fonds Invest GmbH raised its position in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after purchasing an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY bought a new position in AbbVie in the first quarter valued at about $35,000. Finally, Pinney & Scofield Inc. bought a new position in AbbVie in the fourth quarter valued at about $36,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 0.1%

Shares of ABBV stock traded up $0.30 on Friday, hitting $222.29. The company had a trading volume of 14,371,957 shares, compared to its average volume of 4,244,925. The stock's 50-day moving average is $203.12 and its two-hundred day moving average is $195.01. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $223.49. The firm has a market cap of $392.69 billion, a P/E ratio of 105.85, a P/E/G ratio of 1.32 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

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

AbbVie Announces Dividend

The firm 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%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm'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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on ABBV shares. Piper Sandler started coverage on AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price for the company. BMO Capital Markets increased their target price on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Citigroup increased their target price on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Finally, Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and increased their price target for the company from $170.00 to $270.00 in a research note on Wednesday. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $222.68.

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.