Pensionfund Sabic Sells 1,600 Shares of AbbVie Inc. $ABBV

Key Points

• Pensionfund Sabic sold 1,600 shares of AbbVie Inc., reducing its stake by 8.3%, now holding 17,700 shares valued at approximately $3,709,000.
• Despite a quarterly earnings miss, AbbVie reported revenue of $15.42 billion, exceeding analyst expectations, with EPS at $2.97 compared to a consensus of $3.24.
• AbbVie plans to pay a quarterly dividend of $1.64 per share on November 14th, representing an annualized yield of 3.0% and a high payout ratio of 312.38%.

Pensionfund Sabic trimmed its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,700 shares of the company's stock after selling 1,600 shares during the period. AbbVie makes up approximately 1.1% of Pensionfund Sabic's portfolio, making the stock its 18th biggest holding. Pensionfund Sabic's holdings in AbbVie were worth $3,709,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of AbbVie by 0.5% in the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock worth $36,439,271,000 after purchasing an additional 845,787 shares during the last quarter. Northern Trust Corp boosted its stake in AbbVie by 0.9% in the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock worth $4,612,357,000 after buying an additional 189,294 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after buying an additional 3,519,187 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in AbbVie by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock worth $2,675,959,000 after buying an additional 713,148 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in AbbVie by 18.5% in 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 worth $2,142,832,000 after buying an additional 1,882,780 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $218.40 on Friday. The firm has a market cap of $385.82 billion, a PE ratio of 104.00, a price-to-earnings-growth ratio of 1.42 and a beta of 0.53. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $221.76. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The business has a 50 day moving average price of $200.25 and a 200-day moving average price of $194.58.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company posted $2.65 EPS. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Analyst Ratings Changes

ABBV has been the subject of several research reports. BMO Capital Markets upped their target price on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday. Piper Sandler initiated coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price for the company. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research note on Thursday, August 7th. Finally, Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $217.10.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

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.

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