AbbVie Inc. (NYSE:ABBV) Shares Sold by Trajan Wealth LLC

Key Points

• Trajan Wealth LLC reduced its stake in AbbVie Inc. by 22% in Q1, selling 6,717 shares, bringing its total holdings to 23,795 shares valued at approximately $4.99 million.
• Several institutional investors, including Sustainable Insight Capital Management and Public Sector Pension Investment Board, increased their positions in AbbVie, indicating strong interest as institutional ownership reaches 70.23%.
• AbbVie reported earnings of $2.97 per share for the last quarter, missing estimates, but its revenue of $15.42 billion exceeded expectations, showing a 6.6% year-over-year growth.

Trajan Wealth LLC cut its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 22.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,795 shares of the company's stock after selling 6,717 shares during the quarter. Trajan Wealth LLC's holdings in AbbVie were worth $4,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Steel Grove Capital Advisors LLC boosted its position in AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after acquiring an additional 52 shares during the last quarter. Peninsula Wealth LLC boosted its holdings in AbbVie by 4.1% in the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after purchasing an additional 54 shares during the last quarter. Private Management Group Inc. boosted its holdings in AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after purchasing an additional 54 shares during the last quarter. Connecticut Wealth Management LLC boosted its holdings in AbbVie by 1.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after purchasing an additional 57 shares during the last quarter. Finally, Castle Wealth Management LLC boosted its holdings in AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after purchasing an additional 57 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

NYSE:ABBV traded up $3.31 during mid-day trading on Thursday, hitting $204.78. 4,630,246 shares of the company's stock traded hands, compared to its average volume of 6,725,083. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The firm's 50 day simple moving average is $190.39 and its 200 day simple moving average is $191.67. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The company has a market cap of $361.75 billion, a PE ratio of 97.51, a price-to-earnings-growth ratio of 1.28 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last posted its 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business 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 posted $2.65 earnings per share. The business's revenue was up 6.6% compared to the same quarter last year. Sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on ABBV shares. Evercore ISI boosted their target price on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Guggenheim boosted their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Finally, Morgan Stanley boosted their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Six investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $214.95.

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.