Sit Investment Associates Inc. Reduces Holdings in AbbVie Inc. (NYSE:ABBV)

Sit Investment Associates Inc. trimmed its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 12.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,995 shares of the company's stock after selling 11,233 shares during the quarter. Sit Investment Associates Inc.'s holdings in AbbVie were worth $16,551,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of ABBV. GAMMA Investing LLC boosted its stake in shares of AbbVie by 25,841.6% during the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Nuveen LLC purchased a new stake in shares of AbbVie during the first quarter valued at $1,819,154,000. Goldman Sachs Group Inc. boosted its stake in shares of AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. Northern Trust Corp boosted its stake in shares of AbbVie by 11.8% during the fourth quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock valued at $3,878,236,000 after purchasing an additional 2,299,645 shares during the period. Finally, Deutsche Bank AG boosted its stake in shares of AbbVie by 27.4% during the fourth quarter. Deutsche Bank AG now owns 9,769,102 shares of the company's stock valued at $1,735,969,000 after purchasing an additional 2,102,273 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of AbbVie stock opened at $201.36 on Thursday. The business has a 50-day moving average of $190.39 and a 200 day moving average of $191.67. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The stock has a market capitalization of $355.71 billion, a price-to-earnings ratio of 95.89, a price-to-earnings-growth ratio of 1.28 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter last year, the business earned $2.65 earnings per share. The business's revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ABBV shares. BNP Paribas raised shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Guggenheim lifted their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Morgan Stanley lifted their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Piper Sandler initiated coverage on AbbVie in a report on Tuesday. They issued an "overweight" rating and a $231.00 price objective for the company. Six investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus price target of $214.95.

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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