AbbVie Inc. (NYSE:ABBV) Position Lessened by True North Advisors LLC

Key Points

• True North Advisors LLC decreased its holdings in AbbVie Inc. by 9.1%, owning 23,693 shares worth approximately $4.96 million, making AbbVie the 20th largest holding in its portfolio.
• AbbVie recently reported earnings per share (EPS) of $2.97, missing expectations, with a revenue of $15.42 billion which surpassed the consensus estimate.
• The company announced a quarterly dividend of $1.64 per share, yielding 3.3%, to be paid on August 15th, following a substantial dividend payout ratio of 312.38%.

True North Advisors LLC lowered its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 9.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 23,693 shares of the company's stock after selling 2,362 shares during the period. AbbVie accounts for approximately 0.9% of True North Advisors LLC's portfolio, making the stock its 20th largest position. True North Advisors LLC's holdings in AbbVie were worth $4,964,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ABBV. Crestline Management LP raised its stake in shares of AbbVie by 438.4% in the fourth quarter. Crestline Management LP now owns 35,311 shares of the company's stock valued at $6,275,000 after buying an additional 28,753 shares during the period. Narus Financial Partners LLC raised its stake in shares of AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after acquiring an additional 401 shares in the last quarter. Dimensional Fund Advisors LP grew its position in AbbVie by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock worth $1,664,489,000 after acquiring an additional 108,993 shares during the last quarter. AXA S.A. raised its stake in shares of AbbVie by 14.8% during the fourth quarter. AXA S.A. now owns 971,893 shares of the company's stock valued at $172,705,000 after acquiring an additional 125,568 shares during the last quarter. Finally, Highland Capital Management LLC raised its holdings in AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after purchasing an additional 2,792 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ABBV shares. Bank of America lifted their price target on AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research report on Thursday, August 7th. Evercore ISI lifted their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Finally, Cantor Fitzgerald assumed coverage on AbbVie in a report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price for the company. Six equities research 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Trading Down 0.0%

AbbVie stock traded down $0.04 during mid-day trading on Tuesday, hitting $198.60. The company's stock had a trading volume of 1,441,456 shares, compared to its average volume of 6,749,013. The stock's fifty day moving average is $189.88 and its two-hundred day moving average is $191.55. The firm has a market capitalization of $350.85 billion, a PE ratio of 94.58, a price-to-earnings-growth ratio of 1.27 and a beta of 0.50. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. 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 (NYSE:ABBV - Get Free Report) last released its earnings results 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion during 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 company's revenue for the quarter was up 6.6% on a year-over-year basis. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date 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 company's stock in a transaction that occurred on 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 sale, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.08% of the stock is owned by corporate insiders.

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.