Inscription Capital LLC Sells 4,706 Shares of AbbVie Inc. $ABBV

Key Points

• Inscription Capital cut its AbbVie stake by 23.1% in the third quarter, selling 4,706 shares and ending the period with 15,667 shares worth about $4.1 million.
• AbbVie reported third-quarter revenue of $17.4 billion, up 10.3% year over year, and adjusted EPS of $3.82, beating analysts’ estimates; it also raised its full-year adjusted earnings guidance.
• AbbVie increased its quarterly dividend from $1.73 to $1.82 per share, equivalent to an annualized $7.28 and a reported 2.5% yield.

Inscription Capital LLC lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 23.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,667 shares of the company's stock after selling 4,706 shares during the period. Inscription Capital LLC's holdings in AbbVie were worth $4,098,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ABBV. Ranch Capital Advisors Inc. lifted its holdings in shares of AbbVie by 37.0% in the 1st quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company's stock worth $3,238,000 after purchasing an additional 4,017 shares in the last quarter. Capital Advisors Inc. OK increased its stake in AbbVie by 11.2% during the 2nd quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company's stock valued at $112,516,000 after purchasing an additional 45,132 shares in the last quarter. Danica Pension Livsforsikringsaktieselskab bought a new stake in AbbVie during the 2nd quarter valued at $23,557,000. Wedge Capital Management L L P NC raised its holdings in AbbVie by 7.5% during the second quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company's stock worth $33,865,000 after buying an additional 9,380 shares during the last quarter. Finally, State Street Corp raised its holdings in AbbVie by 1.7% during the second quarter. State Street Corp now owns 82,596,748 shares of the company's stock worth $20,784,646,000 after buying an additional 1,379,232 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the firm's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the transaction, the executive vice president directly owned 74,430 shares of the company's stock, valued at $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is owned by insiders.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Strong results and outlook: AbbVie reported $17.4 billion in third-quarter revenue and raised its full-year adjusted earnings guidance, reinforcing its growth case. The results helped lift shares recently. Article: AbbVie Stock Climbs as Q3 Earnings Fuel Growth Case
• Positive Sentiment: Pipeline expansion: AbbVie licensed global rights to Nxera Pharma’s experimental oral IBD drug NXE0033744, agreeing to pay $100 million upfront and up to $1.37 billion in development and commercial milestones, plus royalties. The deal adds a potential new treatment to its pipeline, though it remains investigational. Article: AbbVie Pens $1.4B Deal for Deprioritized IBD Drug from Nxera
• Positive Sentiment: Constructive investor sentiment: Recent coverage highlights analyst optimism and AbbVie’s defensive appeal as technology stocks retreat; the company has also recently reached a new 52-week high. These factors may support demand, but can also leave the stock vulnerable to a pullback after a strong advance. Article: Are Wall Street Analysts Bullish on AbbVie Stock?
• Neutral Sentiment: Additional R&D investment: AbbVie plans to invest £120 million to expand its Oxford research facility, supporting longer-term drug development but requiring time to translate into commercial returns. Article: AbbVie Invests £120m in UK Expansion
• Negative Sentiment: Oncology setback: AbbVie discontinued a Phase 2 solid-tumor drug program after seeing limited benefit, a reminder that clinical development carries risk and may weigh on expectations for its pipeline. Article: AbbVie Abandons Phase 2 Solid Tumor Drug Over Limited Benefit

AbbVie Trading Down 2.2%

NYSE ABBV opened at $288.48 on Friday. The firm has a market capitalization of $509.91 billion, a P/E ratio of 49.65, a PEG ratio of 1.34 and a beta of 0.20. The business has a fifty day simple moving average of $271.31 and a 200 day simple moving average of $238.65. AbbVie Inc. has a 12 month low of $190.75 and a 12 month high of $302.93.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, beating the consensus estimate of $3.73 by $0.09. The business had revenue of $17.40 billion for the quarter, compared to analysts' expectations of $17.32 billion. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The business's revenue was up 10.3% on a year-over-year basis. During the same period last year, the business earned $1.86 EPS. As a group, sell-side analysts predict that AbbVie Inc. will post 13.99 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be issued a $1.82 dividend. This is an increase from AbbVie's previous quarterly dividend of $1.73. This represents a $7.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, January 15th. AbbVie's dividend payout ratio is currently 119.10%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Oppenheimer lifted their price objective on shares of AbbVie from $244.00 to $258.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Argus boosted their target price on shares of AbbVie from $250.00 to $270.00 in a research report on Tuesday, August 4th. BMO Capital Markets set a $315.00 target price on shares of AbbVie in a report on Wednesday. Guggenheim raised their price target on shares of AbbVie from $288.00 to $322.00 and gave the company a "buy" rating in a research report on Monday. Finally, BNP Paribas Exane raised their price target on shares of AbbVie from $218.00 to $247.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $297.46.

About AbbVie

AbbVie Inc NYSE: ABBV is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company's key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.

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