AbbVie Inc. (NYSE:ABBV) Shares Sold by Premier Fund Managers Ltd

Key Points

• Premier Fund Managers Ltd reduced its stake in AbbVie Inc. by 33.6%, owning 5,074 shares worth approximately $1,041,000 after selling 2,573 shares.
• In the most recent quarter, several hedge funds, including Geode Capital Management and FMR LLC, increased their holdings in AbbVie, highlighting significant institutional interest in the stock.
• AbbVie recently declared a quarterly dividend of $1.64 per share, which will be paid on August 15, reflecting a 3.48% dividend yield.

Premier Fund Managers Ltd decreased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 33.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,074 shares of the company's stock after selling 2,573 shares during the quarter. Premier Fund Managers Ltd's holdings in AbbVie were worth $1,041,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Steel Grove Capital Advisors LLC raised its stake in AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after purchasing an additional 52 shares during the period. Peninsula Wealth LLC raised its stake in shares of AbbVie by 4.1% in the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after acquiring an additional 54 shares during the period. Private Management Group Inc. raised its stake in shares of AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after acquiring an additional 54 shares during the period. Connecticut Wealth Management LLC raised its stake in shares of AbbVie by 1.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after acquiring an additional 57 shares during the period. Finally, Castle Wealth Management LLC raised its stake in shares of AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after acquiring an additional 57 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Up 3.4%

NYSE ABBV traded up $6.48 on Friday, hitting $195.50. 5,252,795 shares of the stock were exchanged, compared to its average volume of 6,853,923. The company has a 50-day moving average price of $188.10 and a 200-day moving average price of $190.04. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The company has a market cap of $345.33 billion, a PE ratio of 83.82, a PEG ratio of 1.25 and a beta of 0.48.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 EPS. The company's quarterly revenue was up 6.6% on a year-over-year basis. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.4%. AbbVie's dividend payout ratio is presently 279.15%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ABBV shares. Bank of America boosted their price target on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Morgan Stanley boosted their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday. Raymond James Financial boosted their price target on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research note on Friday. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, Citigroup boosted their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus target price of $212.81.

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.