RWA Wealth Partners LLC Sells 15,910 Shares of AbbVie Inc. $ABBV

Key Points

• RWA Wealth Partners LLC reduced its stake in AbbVie Inc. by 5.1% by selling 15,910 shares, now holding 295,121 shares valued at $61.83 million.
• AbbVie reported earnings of $2.97 EPS, missing analysts' estimates of $3.24, but its revenue of $15.42 billion surpassed expectations.
• The company declared a quarterly dividend of $1.64, yielding 3.2%, with a payout ratio of 312.38%.

RWA Wealth Partners LLC lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 5.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 295,121 shares of the company's stock after selling 15,910 shares during the quarter. AbbVie makes up 0.8% of RWA Wealth Partners LLC's portfolio, making the stock its 21st biggest position. RWA Wealth Partners LLC's holdings in AbbVie were worth $61,834,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Abound Financial LLC purchased a new position in shares of AbbVie in the 1st quarter valued at approximately $30,000. Siemens Fonds Invest GmbH raised its stake in AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY purchased a new position in AbbVie during the first quarter valued at $35,000. Pinney & Scofield Inc. purchased a new position in AbbVie during the fourth quarter valued at $36,000. Finally, Inlight Wealth Management LLC purchased a new position in AbbVie during the first quarter valued at $42,000. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Up 1.0%

AbbVie stock opened at $206.65 on Monday. The stock has a market cap of $365.06 billion, a PE ratio of 98.41, a price-to-earnings-growth ratio of 1.33 and a beta of 0.50. 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 one year low of $163.81 and a one year high of $218.66. The stock has a fifty day moving average of $191.08 and a 200 day moving average of $192.31.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm 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 firm's revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.65 EPS. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ABBV. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Guggenheim lifted their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Piper Sandler began coverage on AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective for the company. Raymond James Financial lifted their price objective on AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Bank of America boosted their price target on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and five have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $214.95.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company'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 completion of the sale, 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 filing with the SEC, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated 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 owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

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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