Hamilton Capital LLC Sells 1,209 Shares of AbbVie Inc. $ABBV

Key Points

• Hamilton Capital LLC reduced its stake in AbbVie Inc. by 12.5%, now holding 8,475 shares valued at approximately $1.78 million, making it the 23rd largest holding in the firm's portfolio.
• Several hedge funds have increased their positions in AbbVie, with Fred Alger Management LLC notably expanding its holdings by 394.5%, now owning approximately 423,540 shares.
• Analysts have set an average target price of $214.95 for AbbVie, with a consensus rating of "Moderate Buy" based on recent performance and upgrades from firms like Daiwa America and Bank of America.

Hamilton Capital LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,475 shares of the company's stock after selling 1,209 shares during the quarter. AbbVie comprises approximately 0.1% of Hamilton Capital LLC's holdings, making the stock its 23rd largest position. Hamilton Capital LLC's holdings in AbbVie were worth $1,776,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Fred Alger Management LLC lifted its position in shares of AbbVie by 394.5% in the 1st quarter. Fred Alger Management LLC now owns 423,540 shares of the company's stock worth $88,740,000 after acquiring an additional 337,893 shares during the period. CTC Alternative Strategies Ltd. bought a new stake in shares of AbbVie in the 1st quarter worth approximately $968,000. Ashton Thomas Private Wealth LLC lifted its position in shares of AbbVie by 3.9% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 39,401 shares of the company's stock worth $8,255,000 after acquiring an additional 1,479 shares during the period. Kestra Investment Management LLC lifted its position in shares of AbbVie by 3.5% in the 1st quarter. Kestra Investment Management LLC now owns 7,357 shares of the company's stock worth $1,541,000 after acquiring an additional 249 shares during the period. Finally, Knightsbridge Asset Management LLC lifted its position in shares of AbbVie by 56.8% in the 1st quarter. Knightsbridge Asset Management LLC now owns 1,810 shares of the company's stock worth $379,000 after acquiring an additional 656 shares during the period. Institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of research reports. Piper Sandler started coverage on AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. Guggenheim increased their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Citigroup increased their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Finally, Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a report on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Price Performance

ABBV stock traded up $1.42 during midday trading on Wednesday, reaching $211.84. 4,520,633 shares of the company's stock traded hands, compared to its average volume of 6,482,621. The company has a 50-day simple moving average of $199.06 and a two-hundred day simple moving average of $194.37. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The company has a market cap of $374.23 billion, a price-to-earnings ratio of 100.88, a PEG ratio of 1.35 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

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 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 analyst estimates of $14.93 billion. During the same period in the prior year, the business earned $2.65 earnings per share. The company's revenue for the quarter was up 6.6% on a year-over-year basis. On average, analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 in the company, valued at $35,178,278.64. The trade was 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 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.