Hartford Investment Management Co. Trims Stake in AbbVie Inc. (NYSE:ABBV)

Key Points

• Hartford Investment Management Co. reduced its holdings in AbbVie by 1.3%, selling 1,462 shares, which now makes AbbVie the 22nd largest holding in their investment portfolio.
• AbbVie reported $2.97 EPS for the last quarter, missing analysts' expectations, while the company’s revenue was up 6.6% year-over-year, reaching $15.42 billion.
• The company declared a quarterly dividend of $1.64 per share, representing an annual yield of 3.5%, with a payout ratio of 279.15%.

Hartford Investment Management Co. cut its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 107,730 shares of the company's stock after selling 1,462 shares during the quarter. AbbVie comprises about 0.8% of Hartford Investment Management Co.'s holdings, making the stock its 22nd largest position. Hartford Investment Management Co.'s holdings in AbbVie were worth $22,572,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ABBV. EnRich Financial Partners LLC boosted its stake in AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after buying an additional 110 shares during the period. Abound Financial LLC bought a new stake in AbbVie during the first quarter valued at $30,000. Siemens Fonds Invest GmbH lifted its stake in AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after purchasing an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY bought a new stake in AbbVie during the first quarter worth about $35,000. Finally, Pinney & Scofield Inc. bought a new stake in AbbVie during the fourth quarter worth about $36,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Up 3.3%

NYSE:ABBV traded up $6.15 during mid-day trading on Friday, reaching $195.17. 8,081,230 shares of the company's stock traded hands, compared to its average volume of 5,440,562. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The firm has a market capitalization of $344.75 billion, a price-to-earnings ratio of 92.94, a PEG ratio of 1.25 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The company has a 50 day moving average price of $188.33 and a 200-day moving average price of $190.17.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) 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 518.10%. The business had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 EPS. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, July 15th. AbbVie's payout ratio is currently 279.15%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Morgan Stanley lifted their price target on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday. Citigroup lifted their price target on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target for the company. Finally, Bank of America lifted their price target on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $212.81.

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.