SWS Partners Has $2.34 Million Stake in AbbVie Inc. $ABBV

Key Points

• SWS Partners reduced its stake in AbbVie Inc. by 14.9% during the second quarter, now holding shares worth $2.34 million.
• Several institutional investors entered positions in AbbVie, with ownership from institutional investors and hedge funds reaching 70.23% of the company’s stock.
• AbbVie has declared a quarterly dividend of $1.64 per share, representing a 3.0% dividend yield, with the ex-dividend date set for October 15th.

SWS Partners decreased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 14.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,577 shares of the company's stock after selling 2,194 shares during the quarter. SWS Partners' holdings in AbbVie were worth $2,335,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of ABBV. Marshall & Sullivan Inc. WA acquired a new position in AbbVie in the second quarter worth $25,000. TD Capital Management LLC boosted its stake in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in AbbVie in the first quarter worth $30,000. Cypress Capital Management LLC WY acquired a new position in AbbVie in the first quarter worth $35,000. Finally, Inlight Wealth Management LLC acquired a new position in AbbVie in the first quarter worth $42,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Activity

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 directly 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 the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 $35,178,278.64. This trade 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 owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ABBV shares. Guggenheim boosted their price objective on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and upped their price target for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Bank of America upped their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. BMO Capital Markets upped their price target on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday, September 12th. Finally, Cantor Fitzgerald upped their price target on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $223.45.

AbbVie Trading Up 1.0%

NYSE ABBV opened at $220.75 on Monday. The stock has a 50-day simple moving average of $206.24 and a 200 day simple moving average of $195.04. The company has a market capitalization of $389.97 billion, a PE ratio of 105.12, a P/E/G ratio of 1.29 and a beta of 0.53. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $225.16.

AbbVie (NYSE:ABBV - Get Free Report) last released 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 company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.65 EPS. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

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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