AlphaQuest LLC Sells 2,413 Shares of AbbVie Inc. $ABBV

AlphaQuest LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 21.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,743 shares of the company’s stock after selling 2,413 shares during the quarter. AlphaQuest LLC’s holdings in AbbVie were worth $1,623,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in AbbVie by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock worth $36,439,271,000 after acquiring an additional 845,787 shares during the last quarter. Northern Trust Corp boosted its position in AbbVie by 0.9% during the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock worth $4,612,357,000 after acquiring an additional 189,294 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after acquiring an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in AbbVie by 5.9% during 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 worth $2,675,959,000 after acquiring an additional 713,148 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in AbbVie by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company’s stock worth $1,972,050,000 after acquiring an additional 45,871 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Down 0.1%

Shares of AbbVie stock opened at $228.06 on Friday. The business has a fifty day simple moving average of $220.69 and a two-hundred day simple moving average of $198.94. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The company has a market capitalization of $402.87 billion, a price-to-earnings ratio of 108.60, a P/E/G ratio of 1.44 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV) last announced 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 net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period in the prior year, the business earned $2.65 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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 issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.9%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent research reports. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. BMO Capital Markets increased their price objective on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a report on Thursday, August 7th. Erste Group Bank downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, Piper Sandler increased their price objective on AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.80.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president 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 document filed with the SEC, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’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 sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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.