Violich Capital Management Inc. Sells 12,770 Shares of AbbVie Inc. $ABBV

Key Points

• Violich Capital Management Inc. sold 12,770 shares of AbbVie Inc., reducing its holdings by 10.9%, and now owns 104,145 shares valued at approximately $19.3 million.
• The company reported quarterly earnings of $2.97 per share, which fell short of expectations, despite a 6.6% year-over-year revenue increase to $15.42 billion.
• AbbVie is set to pay a quarterly dividend of $1.64 on November 14th, with a dividend yield of 2.9% and a notable payout ratio of 312.38%.

Violich Capital Management Inc. trimmed its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 10.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,145 shares of the company's stock after selling 12,770 shares during the period. AbbVie comprises approximately 2.7% of Violich Capital Management Inc.'s holdings, making the stock its 9th largest holding. Violich Capital Management Inc.'s holdings in AbbVie were worth $19,331,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in ABBV. Marshall & Sullivan Inc. WA acquired a new position in shares of AbbVie in the 2nd quarter valued at approximately $25,000. TD Capital Management LLC raised its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares in the last quarter. Abound Financial LLC acquired a new stake in shares of AbbVie during the 1st quarter valued at approximately $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie during the 1st quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. raised its position in shares of AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company's stock valued at $40,000 after acquiring an additional 173 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Trading Up 1.2%

NYSE:ABBV opened at $229.66 on Friday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The stock has a market cap of $405.71 billion, a price-to-earnings ratio of 109.36, a PEG ratio of 1.43 and a beta of 0.51. The business has a fifty day moving average of $217.91 and a 200-day moving average of $197.55. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the previous year, the company posted $2.65 EPS. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie's dividend payout ratio is 312.38%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ABBV shares. BMO Capital Markets upped their price objective on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Weiss Ratings restated a "hold (c)" rating on shares of AbbVie in a research note on Wednesday, October 8th. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Erste Group Bank downgraded AbbVie from a "buy" rating to a "hold" rating in a research note on Tuesday, October 14th. Finally, JPMorgan Chase & Co. upped their price objective on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and an average price target of $234.05.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on 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 in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

AbbVie Company 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.

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