Te Ahumairangi Investment Management Ltd Sells 2,432 Shares of AbbVie Inc. $ABBV

Te Ahumairangi Investment Management Ltd lessened its position in AbbVie Inc. (NYSE:ABBV) by 10.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,640 shares of the company’s stock after selling 2,432 shares during the period. Te Ahumairangi Investment Management Ltd’s holdings in AbbVie were worth $4,324,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ABBV. TD Capital Management LLC boosted its position in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC purchased a new stake in shares of AbbVie during the first quarter valued at $30,000. Siemens Fonds Invest GmbH boosted its position in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the first quarter valued at $35,000. Finally, Pinney & Scofield Inc. purchased a new stake in shares of AbbVie during the fourth quarter valued at $36,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.1%

NYSE ABBV opened at $207.91 on Friday. The stock’s 50-day moving average price is $194.55 and its 200-day moving average price is $193.41. 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 52 week low of $163.81 and a 52 week high of $218.66. The company has a market capitalization of $367.28 billion, a P/E ratio of 99.00, a price-to-earnings-growth ratio of 1.34 and a beta of 0.50.

AbbVie (NYSE:ABBV) last issued its 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 business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the business posted $2.65 EPS. On average, equities research 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 was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were paid a $1.64 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.2%. AbbVie’s payout ratio is presently 312.38%.

Insider Buying and Selling

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred 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 sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ABBV. Morgan Stanley increased their price objective on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Bank of America raised their target price on AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Piper Sandler began coverage on AbbVie in a research report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 target price on the stock. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, Guggenheim raised their target price on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Five research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $214.95.

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.