Cypress Capital Group Reduces Position in AbbVie Inc. (NYSE:ABBV)

Cypress Capital Group cut its holdings in AbbVie Inc. (NYSE:ABBV) by 4.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 107,592 shares of the company’s stock after selling 4,754 shares during the quarter. AbbVie comprises about 3.0% of Cypress Capital Group’s investment portfolio, making the stock its 6th biggest holding. Cypress Capital Group’s holdings in AbbVie were worth $22,543,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ABBV. Abound Financial LLC bought a new stake in AbbVie during the first quarter worth approximately $30,000. Siemens Fonds Invest GmbH lifted its holdings 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 worth $32,000 after acquiring an additional 119,141 shares during the period. Cypress Capital Management LLC WY acquired a new position in AbbVie during the first quarter worth $35,000. Pinney & Scofield Inc. acquired a new position in AbbVie during the fourth quarter worth $36,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of AbbVie in the first quarter valued at $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated 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 owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.08% of the stock is owned by corporate insiders.

AbbVie Trading Down 0.4%

Shares of AbbVie stock opened at $198.10 on Monday. The stock has a market cap of $349.96 billion, a P/E ratio of 94.33, a P/E/G ratio of 1.27 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The stock’s 50 day simple moving average is $189.65 and its 200-day simple moving average is $191.35. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The business’s revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.65 EPS. Analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 312.38%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ABBV shares. Citigroup raised their price target on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Raymond James Financial boosted their price target on AbbVie from $227.00 to $236.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Bank of America boosted their target price on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Finally, Guggenheim increased their price objective on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $214.43.

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.