Intech Investment Management LLC Decreases Position in AbbVie Inc. $ABBV

Key Points

• Intech Investment Management LLC reduced its holdings in AbbVie by 41.4% in Q1, owning 127,695 shares worth approximately $26.76 million.
• Several hedge funds, such as TD Capital Management LLC and Siemens Fonds Invest GmbH, increased their positions in AbbVie, indicating varied investor sentiment.
• AbbVie recently reported a quarterly EPS of $2.97, missing estimates, while revenues increased by 6.6% year-over-year to $15.42 billion.

Intech Investment Management LLC decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 41.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 127,695 shares of the company's stock after selling 90,154 shares during the quarter. Intech Investment Management LLC's holdings in AbbVie were worth $26,755,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. TD Capital Management LLC increased its position in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC purchased a new position in shares of AbbVie in the first quarter valued at about $30,000. Siemens Fonds Invest GmbH increased its position in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares during the period. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie during the first quarter valued at about $35,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of AbbVie during the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ABBV. Bank of America boosted their price target on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Guggenheim boosted their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Morgan Stanley boosted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Four 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Stock Up 0.3%

ABBV stock opened at $210.46 on Wednesday. The company has a market cap of $371.79 billion, a price-to-earnings ratio of 100.22, a price-to-earnings-growth ratio of 1.35 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The company has a fifty day moving average price of $198.64 and a 200 day moving average price of $194.25.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS 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 firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 EPS. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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

Insider Activity

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly 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. 0.08% of the stock is owned by company insiders.

About AbbVie

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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