Hodges Capital Management Inc. Decreases Position in AbbVie Inc. $ABBV

Key Points

• Hodges Capital Management Inc. has reduced its stake in AbbVie Inc. by 17.3% in the first quarter, holding approximately 33,907 shares valued at $7.1 million.
• Despite this decrease, other investors like TD Capital Management and Siemens Fonds Invest have significantly increased their holdings in AbbVie during the same period.
• AbbVie announced a quarterly dividend of $1.64 per share, with a dividend yield of 3.0%, set to be paid on November 14th.

Hodges Capital Management Inc. decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 17.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,907 shares of the company's stock after selling 7,082 shares during the quarter. Hodges Capital Management Inc.'s holdings in AbbVie were worth $7,104,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TD Capital Management LLC grew its holdings in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC acquired a new position in AbbVie during the first quarter worth $30,000. Siemens Fonds Invest GmbH grew its holdings 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 acquiring an additional 119,141 shares during the period. Cypress Capital Management LLC WY acquired a new position in AbbVie during the first quarter worth $35,000. Finally, Pinney & Scofield Inc. acquired a new position in AbbVie during the fourth quarter worth $36,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction 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 sale, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Up 4.0%

AbbVie stock opened at $220.09 on Friday. 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 Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $221.77. The stock's fifty day moving average is $199.67 and its two-hundred day moving average is $194.48. The firm has a market capitalization of $388.80 billion, a price-to-earnings ratio of 104.81, a price-to-earnings-growth ratio of 1.36 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the prior year, the company earned $2.65 earnings per share. The firm's revenue was up 6.6% compared to the same quarter last year. Analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 312.38%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ABBV shares. Citigroup raised their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Bank of America upped their target price on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a report on Thursday, August 7th. Finally, Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $214.95.

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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