Beck Mack & Oliver LLC Sells 3,287 Shares of AbbVie Inc. $ABBV
Beck Mack & Oliver LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 15.3% in Q1, selling 3,287 shares, leaving them with 18,191 shares valued at $3.81 million. Other institutional investors also adjusted their positions, with TD Capital Management increasing its holdings by 82.9%. Analyst ratings for AbbVie have improved, with several upgrades and a consensus rating of "Moderate Buy". AbbVie shares opened at $210.25, with a market cap of $371.42 billion and a recent earnings report showing $2.97 EPS, below estimates.
Beck Mack & Oliver LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 15.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,191 shares of the company's stock after selling 3,287 shares during the period. Beck Mack & Oliver LLC's holdings in AbbVie were worth $3,811,000 as of its most recent filing with the Securities and Exchange Commission.
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Several other hedge funds and other institutional investors also recently made changes to their positions in ABBV. TD Capital Management LLC boosted its holdings in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC bought a new stake in AbbVie in the first quarter valued at approximately $30,000. Cypress Capital Management LLC WY bought a new stake in AbbVie in the first quarter valued at approximately $35,000. Pinney & Scofield Inc. bought a new stake in AbbVie in the fourth quarter valued at approximately $36,000. Finally, Inlight Wealth Management LLC bought a new stake in AbbVie in the first quarter valued at approximately $42,000. 70.23% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages recently commented on ABBV. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a report on Thursday, August 7th. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Citigroup boosted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Finally, Piper Sandler initiated coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target on the stock. Four research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $214.95.
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Check Out Our Latest Stock Report on ABBV
Insider Buying and Selling
In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.
AbbVie Price Performance
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Shares of NYSE:ABBV opened at $210.25 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 $218.66. The stock's 50 day moving average is $195.05 and its 200-day moving average is $193.54. The firm has a market capitalization of $371.42 billion, a price-to-earnings ratio of 100.12, a PEG ratio of 1.35 and a beta of 0.50.
AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the company earned $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. Sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.
AbbVie Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's dividend payout ratio is presently 312.38%.
About AbbVie
(Free Report)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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