AbbVie Inc. (NYSE:ABBV) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd reduced its stake in AbbVie Inc. by 26.2% during the first quarter, holding 101,540 shares worth approximately $21.27 million.
• AbbVie reported $2.97 EPS in its latest earnings, falling short of the consensus estimate of $3.24, while its revenue reached $15.42 billion, exceeding expectations.
• The company also announced a quarterly dividend of $1.64 per share, representing an annual yield of 3.3% with a high dividend payout ratio of 312.38%.

Gulf International Bank UK Ltd trimmed its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 26.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,540 shares of the company's stock after selling 36,004 shares during the period. AbbVie comprises about 0.7% of Gulf International Bank UK Ltd's investment portfolio, making the stock its 22nd largest position. Gulf International Bank UK Ltd's holdings in AbbVie were worth $21,274,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Crestline Management LP raised its stake in AbbVie by 438.4% during the fourth quarter. Crestline Management LP now owns 35,311 shares of the company's stock worth $6,275,000 after purchasing an additional 28,753 shares during the period. Narus Financial Partners LLC raised its stake in AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after purchasing an additional 401 shares during the period. Dimensional Fund Advisors LP raised its holdings in AbbVie by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock valued at $1,664,489,000 after buying an additional 108,993 shares during the period. AXA S.A. raised its holdings in AbbVie by 14.8% in the fourth quarter. AXA S.A. now owns 971,893 shares of the company's stock valued at $172,705,000 after buying an additional 125,568 shares during the period. Finally, Highland Capital Management LLC raised its holdings in AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after buying an additional 2,792 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on ABBV. Raymond James Financial raised their price target on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Cantor Fitzgerald began coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target on the stock. Morgan Stanley raised their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Finally, Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. Six analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and an average price target of $214.95.

AbbVie Stock Up 1.6%

Shares of ABBV stock traded up $3.31 during mid-day trading on Thursday, reaching $204.78. 4,634,275 shares of the company were exchanged, compared to its average volume of 6,725,322. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. 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 company has a market capitalization of $361.75 billion, a P/E ratio of 97.51, a P/E/G ratio of 1.28 and a beta of 0.50. The business's 50 day simple moving average is $190.74 and its 200 day simple moving average is $191.86.

AbbVie (NYSE:ABBV - Get Free Report) last released 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 company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the business posted $2.65 EPS. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.2%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insider Buying and Selling

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 completion of the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on 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 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 position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company 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.