Parallel Advisors LLC Lowers Stake in AbbVie Inc. $ABBV

Key Points

• Parallel Advisors LLC has reduced its stake in AbbVie Inc. by 2.3%, selling 2,428 shares and now owning 104,614 shares valued at approximately $19.4 million.
• Significant changes in institutional ownership include GAMMA Investing LLC increasing its position by over 25,000% during the first quarter, owning more than $2.1 billion worth of AbbVie stock.
• AbbVie recently announced a quarterly dividend of $1.64 per share, with a yield of 3.0%, reflecting a high dividend payout ratio of 312.38%.

Parallel Advisors LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,614 shares of the company's stock after selling 2,428 shares during the quarter. Parallel Advisors LLC's holdings in AbbVie were worth $19,418,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of AbbVie by 25,841.6% during the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after buying an additional 10,195,284 shares during the last quarter. Nuveen LLC purchased a new stake in shares of AbbVie during the first quarter valued at about $1,819,154,000. Goldman Sachs Group Inc. lifted its position in shares of AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after buying an additional 3,519,187 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of AbbVie by 18.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company's stock valued at $2,142,832,000 after buying an additional 1,882,780 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of AbbVie by 147.6% during the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock valued at $576,800,000 after buying an additional 1,641,091 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction on 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 directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on ABBV. Piper Sandler began coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target for the company. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a report on Thursday, August 7th. Raymond James Financial restated an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Finally, Guggenheim upped their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $217.10.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $218.40 on Monday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $221.76. The company's 50 day moving average is $200.25 and its 200 day moving average is $194.45. 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 $385.82 billion, a PE ratio of 104.00, a price-to-earnings-growth ratio of 1.40 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last released 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the prior year, the company posted $2.65 EPS. The company's revenue for the quarter was up 6.6% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders 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 dividend yield of 3.0%. AbbVie's dividend payout ratio (DPR) is 312.38%.

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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