Torray Investment Partners LLC Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Torray Investment Partners LLC reduced its stake in AbbVie Inc. by 15.7%, selling 4,824 shares and holding 25,847 shares worth approximately $5.4 million after the transaction.
• Several institutional investors, including Brighton Jones LLC and Revolve Wealth Partners LLC, have increased their positions in AbbVie during the fourth quarter, further indicating growing interest in the stock.
• AbbVie recently declared a quarterly dividend of $1.64 per share, translating to an annualized dividend yield of 3.46%, amidst discussions about the company's financial performance and stock ratings from analysts.

Torray Investment Partners LLC lowered its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 15.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,847 shares of the company's stock after selling 4,824 shares during the period. Torray Investment Partners LLC's holdings in AbbVie were worth $5,415,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Abacus Wealth Partners LLC increased its holdings in shares of AbbVie by 205.7% in the first quarter. Abacus Wealth Partners LLC now owns 4,907 shares of the company's stock worth $1,028,000 after buying an additional 3,302 shares during the period. Hoxton Planning & Management LLC purchased a new position in shares of AbbVie in the first quarter worth about $446,000. RVW Wealth LLC increased its holdings in shares of AbbVie by 7.2% in the first quarter. RVW Wealth LLC now owns 5,483 shares of the company's stock worth $1,149,000 after buying an additional 370 shares during the period. Davis R M Inc. increased its holdings in AbbVie by 18.2% during the 1st quarter. Davis R M Inc. now owns 20,638 shares of the company's stock valued at $4,324,000 after purchasing an additional 3,178 shares during the period. Finally, Natixis Advisors LLC increased its holdings in AbbVie by 7.5% during the 1st quarter. Natixis Advisors LLC now owns 1,287,368 shares of the company's stock valued at $269,729,000 after purchasing an additional 89,518 shares during the period. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of NYSE ABBV traded up $6.15 during midday trading on Friday, hitting $195.17. 8,081,230 shares of the stock traded hands, compared to its average volume of 5,440,562. The firm has a 50-day moving average of $188.10 and a two-hundred day moving average of $190.04. The firm has a market capitalization of $344.75 billion, a P/E ratio of 92.94, a PEG ratio of 1.25 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion for 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 518.10%. AbbVie's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.65 earnings per share. On average, equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 3.4%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is 279.15%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ABBV. Guggenheim boosted their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday. Bank of America boosted their price target on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Evercore ISI boosted their price target on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Raymond James Financial boosted their price target on AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a report on Friday. Finally, Citigroup boosted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a report 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 stock. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus price target 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.