MassMutual Private Wealth & Trust FSB Decreases Stake in AbbVie Inc. $ABBV

Key Points

• MassMutual Private Wealth & Trust FSB reduced its stake in AbbVie Inc. by 3.7% in the 2nd quarter, now holding 181,339 shares valued at approximately $33.66 million.
• Insider selling has occurred as EVP Nicholas Donoghoe sold 13,295 shares and EVP Azita Saleki-Gerhardt sold 42,370 shares, representing decreases in their positions by 18.58% and 19.29%, respectively.
• Recent analyst reports have raised AbbVie’s price targets, with Cantor Fitzgerald targeting $245 and Daiwa America upgrading to a "strong-buy" rating.

MassMutual Private Wealth & Trust FSB reduced its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 181,339 shares of the company's stock after selling 7,018 shares during the quarter. AbbVie comprises about 0.9% of MassMutual Private Wealth & Trust FSB's portfolio, making the stock its 27th largest holding. MassMutual Private Wealth & Trust FSB's holdings in AbbVie were worth $33,660,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Range Financial Group LLC raised its position in shares of AbbVie by 2.7% in the 2nd quarter. Range Financial Group LLC now owns 14,972 shares of the company's stock valued at $2,779,000 after purchasing an additional 399 shares during the last quarter. IAM Advisory LLC raised its position in shares of AbbVie by 9.9% in the 2nd quarter. IAM Advisory LLC now owns 1,467 shares of the company's stock valued at $272,000 after purchasing an additional 132 shares during the last quarter. FF Advisors LLC raised its position in shares of AbbVie by 3.6% in the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after purchasing an additional 53 shares during the last quarter. Everpar Advisors LLC raised its position in shares of AbbVie by 1.3% in the 2nd quarter. Everpar Advisors LLC now owns 4,834 shares of the company's stock valued at $897,000 after purchasing an additional 62 shares during the last quarter. Finally, Next Level Private LLC raised its position in shares of AbbVie by 8.8% in the 2nd quarter. Next Level Private LLC now owns 3,224 shares of the company's stock valued at $598,000 after purchasing an additional 261 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 sale, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on 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 completion of 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 position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Cantor Fitzgerald raised their price target on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday. Guggenheim raised 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. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Finally, Citigroup raised 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. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $218.76.

AbbVie Price Performance

Shares of NYSE ABBV opened at $217.92 on Tuesday. The stock has a market capitalization of $384.97 billion, a price-to-earnings ratio of 103.77, a PEG ratio of 1.40 and a beta of 0.53. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $221.76. The firm's 50 day simple moving average is $200.86 and its 200-day simple moving average is $194.51. 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 (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 analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.65 EPS. Analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business 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 $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

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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