McAdam LLC Lowers Stake in AbbVie Inc. $ABBV

Key Points

• McAdam LLC reduced its stake in AbbVie Inc. by 9.5% in the first quarter, selling 1,662 shares and valuing its holdings at approximately $3.3 million.
• Multiple institutional investors increased their positions in AbbVie, with TD Capital Management LLC growing its stake by 82.9% during the same period.
• AbbVie reported earnings of $2.97 per share for the quarter, missing estimates, but achieved revenue of $15.42 billion, exceeding consensus expectations by $490 million.

McAdam LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 9.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,746 shares of the company's stock after selling 1,662 shares during the quarter. McAdam LLC's holdings in AbbVie were worth $3,299,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. TD Capital Management LLC grew its holdings in 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 purchasing an additional 58 shares during the period. Abound Financial LLC purchased a new stake in AbbVie in the first quarter valued at approximately $30,000. Siemens Fonds Invest GmbH grew its holdings in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after purchasing an additional 119,141 shares during the period. Cypress Capital Management LLC WY purchased a new stake in AbbVie in the first quarter valued at approximately $35,000. Finally, Pinney & Scofield Inc. purchased a new stake in AbbVie in the fourth quarter valued at approximately $36,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of recent research reports. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a research report on Thursday, August 7th. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Citigroup boosted their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Finally, Morgan Stanley upped their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Stock Down 0.4%

ABBV stock opened at $209.56 on Wednesday. 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 1-year low of $163.81 and a 1-year high of $218.66. The firm has a fifty day moving average price of $198.64 and a two-hundred day moving average price of $194.25. The firm has a market cap of $370.19 billion, a price-to-earnings ratio of 99.94, a PEG ratio of 1.35 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion for 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%. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.65 EPS. Research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. AbbVie's dividend payout ratio is currently 312.38%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction dated 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 owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated 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 of the company's stock, 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 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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