Ipswich Investment Management Co. Inc. Cuts Stock Position in AbbVie Inc. $ABBV

Key Points

• Ipswich Investment Management Co. Inc. reduced its position in AbbVie Inc. by 18.8% in the second quarter, now holding 11,738 shares worth approximately $2.18 million.
• Institutional investors collectively hold over 70% of AbbVie’s stock, with several firms, including TD Capital Management and Abound Financial, making recent significant stake increases.
• AbbVie recently announced a quarterly dividend of $1.64 per share, with a projected annual yield of 3.0%, though its dividend payout ratio stands at a high 312.38%.

Ipswich Investment Management Co. Inc. lessened its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 18.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,738 shares of the company's stock after selling 2,725 shares during the quarter. Ipswich Investment Management Co. Inc.'s holdings in AbbVie were worth $2,179,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TD Capital Management LLC raised its holdings in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after buying an additional 58 shares during the period. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie during the 2nd quarter worth about $25,000. Abound Financial LLC purchased a new stake in AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie during the 1st quarter worth about $35,000. Finally, Inlight Wealth Management LLC purchased a new stake in AbbVie during the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Buying and Selling

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

AbbVie Trading Up 1.0%

ABBV opened at $220.75 on Friday. AbbVie Inc. has a one year low of $163.81 and a one year high of $225.16. The company has a market cap of $389.97 billion, a P/E ratio of 105.12, a PEG ratio of 1.28 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The business's 50-day simple moving average is $206.24 and its 200-day simple moving average is $195.27.

AbbVie (NYSE:ABBV - Get Free Report) last announced its 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). The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $2.65 earnings per share. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Analyst Ratings Changes

Several brokerages have weighed in on ABBV. Cantor Fitzgerald upped their price target on AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and upped their price target for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Citigroup upped their price target on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. JPMorgan Chase & Co. upped their price target on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Finally, Wells Fargo & Company increased their price objective on AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, September 12th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and a consensus target price of $223.45.

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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