Teacher Retirement System of Texas Lowers Stake in AbbVie Inc. $ABBV

Teacher Retirement System of Texas lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 17.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 578,491 shares of the company’s stock after selling 121,712 shares during the period. Teacher Retirement System of Texas’ holdings in AbbVie were worth $107,380,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Marshall & Sullivan Inc. WA acquired a new position in AbbVie during the 2nd quarter worth about $25,000. TD Capital Management LLC lifted its stake in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new position in AbbVie during the 1st quarter worth about $35,000. Finally, Bear Mountain Capital Inc. lifted its stake in AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on 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 sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

AbbVie Price Performance

Shares of ABBV opened at $228.06 on Monday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The firm has a market capitalization of $402.87 billion, a price-to-earnings ratio of 108.60, a PEG ratio of 1.44 and a beta of 0.51. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The firm’s fifty day simple moving average is $220.69 and its 200-day simple moving average is $199.24.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. AbbVie’s dividend payout ratio is presently 312.38%.

Analysts Set New Price Targets

ABBV has been the subject of several recent research reports. Bank of America raised their price target on shares of AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. Wall Street Zen raised shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Saturday. Citigroup reissued a “neutral” rating on shares of AbbVie in a research report on Monday, October 13th. JPMorgan Chase & Co. raised their price target on shares of AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Finally, Wells Fargo & Company raised their price target on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $234.80.

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.