Te Ahumairangi Investment Management Ltd reduced its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 10.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,640 shares of the company's stock after selling 2,432 shares during the period. Te Ahumairangi Investment Management Ltd's holdings in AbbVie were worth $4,324,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. TD Capital Management LLC increased its stake in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the period. Abound Financial LLC bought a new position in shares of AbbVie during the first quarter valued at approximately $30,000. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the first quarter valued at approximately $35,000. Pinney & Scofield Inc. bought a new position in shares of AbbVie during the fourth quarter valued at approximately $36,000. Finally, Inlight Wealth Management LLC bought a new position in shares of AbbVie during the first quarter valued at approximately $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages recently commented on ABBV. Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Piper Sandler began coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price for the company. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Finally, Guggenheim upped their target price on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Five equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and an average target price of $214.95.
Check Out Our Latest Stock Report on AbbVie
Insider Transactions at AbbVie
In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction 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 approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 transaction, the executive vice president directly 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. Insiders own 0.25% of the company's stock.
AbbVie Price Performance
ABBV opened at $207.91 on Friday. The stock has a fifty day simple moving average of $194.55 and a two-hundred day simple moving average of $193.41. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market cap of $367.28 billion, a price-to-earnings ratio of 99.00, a price-to-earnings-growth ratio of 1.34 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66.
AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.65 EPS. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.
AbbVie Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's payout ratio is currently 312.38%.
About AbbVie
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).
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