Wright Investors Service Inc. Reduces Stake in AbbVie Inc. $ABBV

Key Points

• Wright Investors Service Inc. cut its stake in AbbVie Inc. by 48.4%, owning 19,765 shares valued at approximately $3.67 million after selling over 18,500 shares in the second quarter.
• Several institutional investors, including Vanguard Group and Goldman Sachs, increased their holdings in AbbVie during the first quarter, highlighting growing institutional interest in the stock.
• AbbVie recently announced a quarterly dividend of $1.64 per share, scheduled for payment on November 14th, which represents an annualized yield of 3.0%.

Wright Investors Service Inc. decreased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 48.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 19,765 shares of the company's stock after selling 18,541 shares during the period. AbbVie accounts for 1.1% of Wright Investors Service Inc.'s investment portfolio, making the stock its 26th largest position. Wright Investors Service Inc.'s holdings in AbbVie were worth $3,669,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of AbbVie by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock valued at $36,439,271,000 after acquiring an additional 845,787 shares in the last quarter. Northern Trust Corp raised its holdings in shares of AbbVie by 0.9% in the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock valued at $4,612,357,000 after acquiring an additional 189,294 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after acquiring an additional 3,519,187 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of AbbVie by 5.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock valued at $2,675,959,000 after acquiring an additional 713,148 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after acquiring an additional 10,195,284 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction 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 completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business'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 transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Trading Up 0.1%

NYSE ABBV opened at $222.29 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $223.49. The firm has a market capitalization of $392.69 billion, a PE ratio of 105.85, a P/E/G ratio of 1.32 and a beta of 0.53. The stock's 50 day moving average is $203.12 and its 200 day moving average is $195.01.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.65 EPS. Research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. AbbVie's payout ratio is presently 312.38%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Piper Sandler started coverage on AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target on the stock. Cantor Fitzgerald raised their price objective on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Bank of America raised their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a report on Thursday, August 7th. Finally, Guggenheim raised their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $222.68.

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.

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