Northwest & Ethical Investments L.P. Has $32.12 Million Stake in AbbVie Inc. $ABBV

Key Points

• Northwest & Ethical Investments L.P. has reduced its holdings in AbbVie Inc. by 21.6%, bringing its ownership to 153,315 shares valued at approximately $32.1 million.
• Several institutional investors, including Crestline Management LP and Narus Financial Partners LLC, have significantly increased their stakes in AbbVie, showcasing mixed investor sentiment around the stock.
• AbbVie recently reported a quarterly earnings miss with an EPS of $2.97 against expectations of $3.24, despite a revenue increase of 6.6% year-over-year, indicating a challenging financial outlook.

Northwest & Ethical Investments L.P. trimmed its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 21.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 153,315 shares of the company's stock after selling 42,135 shares during the quarter. AbbVie accounts for 0.9% of Northwest & Ethical Investments L.P.'s portfolio, making the stock its 21st largest holding. Northwest & Ethical Investments L.P.'s holdings in AbbVie were worth $32,123,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Steward Partners Investment Advisory LLC boosted its position in shares of AbbVie by 0.7% in the first quarter. Steward Partners Investment Advisory LLC now owns 272,085 shares of the company's stock valued at $57,007,000 after acquiring an additional 1,907 shares during the period. Tyler Stone Wealth Management boosted its position in shares of AbbVie by 6.1% in the first quarter. Tyler Stone Wealth Management now owns 4,845 shares of the company's stock valued at $1,015,000 after acquiring an additional 279 shares during the period. Alliance Wealth Advisors LLC UT boosted its position in shares of AbbVie by 3.0% in the first quarter. Alliance Wealth Advisors LLC UT now owns 18,575 shares of the company's stock valued at $3,892,000 after acquiring an additional 535 shares during the period. Twin Focus Capital Partners LLC acquired a new stake in shares of AbbVie during the 1st quarter worth approximately $215,000. Finally, Roanoke Asset Management Corp NY increased its position in shares of AbbVie by 2.8% during the first quarter. Roanoke Asset Management Corp NY now owns 2,725 shares of the company's stock valued at $571,000 after purchasing an additional 75 shares during the period. 70.23% of the stock is owned by institutional investors.

Insider Buying and Selling at AbbVie

In related news, 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 value of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 value of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

AbbVie Price Performance

ABBV stock traded up $2.9130 during trading on Wednesday, hitting $209.1030. The company had a trading volume of 3,298,975 shares, compared to its average volume of 6,666,132. The company has a fifty day moving average price of $191.75 and a two-hundred day moving average price of $192.56. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market cap of $369.39 billion, a P/E ratio of 99.64, a P/E/G ratio of 1.33 and a beta of 0.50. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66.

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

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were given a $1.64 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.1%. AbbVie's payout ratio is presently 312.38%.

Analyst Ratings Changes

A number of research analysts recently commented on ABBV shares. Citigroup upped their target price on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Guggenheim increased their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Raymond James Financial increased their price objective on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Five 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $214.95.

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.