PDT Partners LLC Invests $419,000 in AbbVie Inc. $ABBV

PDT Partners LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,000 shares of the company's stock, valued at approximately $419,000.

Several other hedge funds have also added to or reduced their stakes in ABBV. Narus Financial Partners LLC lifted its stake in shares of AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after buying an additional 401 shares during the last quarter. Highland Capital Management LLC raised its holdings in AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after acquiring an additional 2,792 shares during the period. Weaver Capital Management LLC lifted its position in AbbVie by 3.9% during the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after acquiring an additional 310 shares during the last quarter. North Star Asset Management Inc. boosted its holdings in shares of AbbVie by 0.5% during the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock worth $33,800,000 after acquiring an additional 756 shares during the period. Finally, Alpine Bank Wealth Management bought a new stake in shares of AbbVie during the first quarter worth approximately $3,879,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research reports. Citigroup lifted their price target on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Piper Sandler began coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price for the company. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. 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. Finally, Bank of America lifted their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Four research 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. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Stock Up 0.4%

Shares of NYSE ABBV opened at $212.77 on Friday. The stock has a market capitalization of $375.87 billion, a P/E ratio of 101.32, a PEG ratio of 1.36 and a beta of 0.53. The stock's fifty day moving average is $197.13 and its 200 day moving average is $194.04. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

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

AbbVie Dividend Announcement

The company 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. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the transaction, the executive vice president owned 58,247 shares in the company, 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 insiders.

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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