Voleon Capital Management LP Lowers Holdings in AbbVie Inc. $ABBV

Key Points

• Voleon Capital Management LP has reduced its stake in AbbVie Inc. by 4.7%, selling 3,011 shares and now holding 61,034 shares, which represent about 1.0% of its investment portfolio.
• AbbVie recently announced a quarterly dividend of $1.64 per share, set to be paid on November 14th, reflecting a 3.1% dividend yield and a high dividend payout ratio of 312.38%.
• The company's stock price opened at $212.34, with a market capitalization of approximately $375.11 billion and a consistent performance noted with revenue growth of 6.6% year-over-year.

Voleon Capital Management LP lowered its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,034 shares of the company's stock after selling 3,011 shares during the period. AbbVie accounts for approximately 1.0% of Voleon Capital Management LP's portfolio, making the stock its 17th largest holding. Voleon Capital Management LP's holdings in AbbVie were worth $12,788,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ABBV. TD Capital Management LLC grew 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 purchasing an additional 58 shares in the last quarter. Abound Financial LLC purchased a new position in shares of AbbVie during the 1st quarter valued at $30,000. Siemens Fonds Invest GmbH grew its position in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after purchasing an additional 119,141 shares in the last quarter. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie during the 1st quarter valued at $35,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of AbbVie during the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

ABBV has been the topic of a number of research analyst reports. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Citigroup raised their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Morgan Stanley raised their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Stock Up 0.3%

Shares of ABBV traded up $0.67 during trading hours on Tuesday, hitting $210.46. The company had a trading volume of 3,094,241 shares, compared to its average volume of 4,146,821. The firm has a fifty day moving average price of $198.64 and a 200-day moving average price of $194.25. 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 stock has a market capitalization of $371.79 billion, a price-to-earnings ratio of 100.22, a P/E/G ratio of 1.35 and a beta of 0.53. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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). The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations 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 period in the prior year, the firm earned $2.65 EPS. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on 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 represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

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.