Iron Triangle Partners LP Lowers Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Iron Triangle Partners LP significantly reduced its stake in AbbVie Inc. by 48.4%, now holding 192,819 shares, making AbbVie its 3rd largest position.
• Analysts maintain a generally positive outlook on AbbVie, with five analysts rating it a Strong Buy and an average target price of $214.95.
• AbbVie reported a quarterly EPS of $2.97, missing estimates, but its overall revenue rose by 6.6% year-over-year, reaching $15.42 billion.

Iron Triangle Partners LP reduced its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 48.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 192,819 shares of the company's stock after selling 181,193 shares during the quarter. AbbVie comprises 6.5% of Iron Triangle Partners LP's holdings, making the stock its 3rd largest position. Iron Triangle Partners LP's holdings in AbbVie were worth $40,399,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. TD Capital Management LLC grew its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie during the 1st quarter worth approximately $30,000. Siemens Fonds Invest GmbH grew its position in shares of AbbVie by 197.6% during the 4th 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 in the last quarter. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie during the 1st quarter worth approximately $35,000. Finally, Pinney & Scofield Inc. acquired a new position in shares of AbbVie during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Morgan Stanley increased their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Guggenheim increased their price target on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Citigroup increased their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Finally, Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Five analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $207.91 on Friday. The company has a market cap of $367.28 billion, a price-to-earnings ratio of 99.00, a PEG ratio of 1.34 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The firm has a 50 day simple moving average of $194.55 and a 200 day simple moving average of $193.41. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66.

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

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were paid a $1.64 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.2%. AbbVie's dividend payout ratio is presently 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

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.

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