AbbVie Inc. $ABBV Holdings Cut by Philadelphia Trust Co.

Key Points

• Philadelphia Trust Co. reduced its stake in AbbVie Inc. by 6.8%, selling 14,378 shares and holding a total of 195,709 shares, which represent 3.5% of its investment portfolio.
• Insider trading activity at AbbVie included significant sales by executives; EVP Nicholas Donoghoe sold 13,295 shares for approximately $2.6 million, while EVP Azita Saleki-Gerhardt sold 42,370 shares for about $8.4 million.
• AbbVie recently declared a quarterly dividend of $1.64 per share, yielding 3.2% annually, although the company's payout ratio is high at 312.38%.

Philadelphia Trust Co. trimmed its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 6.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 195,709 shares of the company's stock after selling 14,378 shares during the period. AbbVie accounts for about 3.5% of Philadelphia Trust Co.'s holdings, making the stock its 5th biggest holding. Philadelphia Trust Co.'s holdings in AbbVie were worth $41,005,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ABBV. Abound Financial LLC acquired a new stake in AbbVie during the first quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the first quarter worth about $35,000. Pinney & Scofield Inc. acquired a new stake in AbbVie during the fourth quarter worth about $36,000. Inlight Wealth Management LLC acquired a new stake in AbbVie during the first quarter worth about $42,000. Finally, HWG Holdings LP acquired a new stake in AbbVie during the first quarter worth about $42,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ABBV. Bank of America raised their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Raymond James Financial lifted their price target on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Piper Sandler initiated 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. Finally, Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Five equities research 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. Based on data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Stock Down 0.3%

ABBV stock traded down $0.5770 during midday trading on Tuesday, reaching $205.9930. 3,833,303 shares of the company were exchanged, compared to its average volume of 6,687,903. 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 Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The stock's 50-day simple moving average is $191.42 and its 200 day simple moving average is $192.47. The company has a market cap of $363.90 billion, a price-to-earnings ratio of 98.09, a price-to-earnings-growth ratio of 1.33 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The business 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%. The business's revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.65 earnings per share. On average, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, July 15th. AbbVie's payout ratio is presently 312.38%.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business'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 sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business'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 completion of the sale, the executive vice president 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 disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

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.