Prime Capital Investment Advisors LLC Cuts Holdings in AbbVie Inc. (NYSE:ABBV)

Financial News Live · Aug 7, 2022 21:31

Prime Capital Investment Advisors LLC decreased its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 9.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,061 shares of the company's stock after selling 5,076 shares during the quarter. Prime Capital Investment Advisors LLC's holdings in AbbVie were worth $6,643,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. lifted its position in AbbVie by 1.1% during the 4th quarter. BlackRock Inc. now owns 128,197,554 shares of the company's stock worth $17,357,949,000 after acquiring an additional 1,358,115 shares during the period. State Street Corp lifted its holdings in shares of AbbVie by 3.4% in the 4th quarter. State Street Corp now owns 79,357,705 shares of the company's stock valued at $10,745,033,000 after buying an additional 2,597,076 shares during the period. Geode Capital Management LLC lifted its holdings in shares of AbbVie by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 28,518,946 shares of the company's stock valued at $3,850,573,000 after buying an additional 758,354 shares during the period. Norges Bank acquired a new stake in shares of AbbVie in the 4th quarter valued at approximately $2,433,269,000. Finally, Nuveen Asset Management LLC lifted its holdings in shares of AbbVie by 12.2% in the 4th quarter. Nuveen Asset Management LLC now owns 16,331,749 shares of the company's stock valued at $2,211,319,000 after buying an additional 1,771,090 shares during the period. Hedge funds and other institutional investors own 67.03% of the company's stock.

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Insider Transactions at AbbVie

In other AbbVie news, EVP Henry O. Gosebruch sold 83,960 shares of the company's stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $155.00, for a total value of $13,013,800.00. Following the completion of the sale, the executive vice president now directly owns 16,623 shares in the company, valued at $2,576,565. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AbbVie news, Vice Chairman Michael Severino sold 100,000 shares of the company's stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $154.45, for a total value of $15,445,000.00. Following the completion of the sale, the insider now directly owns 152,103 shares in the company, valued at $23,492,308.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Henry O. Gosebruch sold 83,960 shares of the stock in a transaction on Monday, May 16th. The shares were sold at an average price of $155.00, for a total value of $13,013,800.00. Following the sale, the executive vice president now owns 16,623 shares of the company's stock, valued at approximately $2,576,565. The disclosure for this sale can be found here. Over the last three months, insiders sold 363,761 shares of company stock worth $55,528,771. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

ABBV has been the subject of a number of recent analyst reports. Daiwa Capital Markets downgraded AbbVie from an "outperform" rating to a "neutral" rating and set a $150.00 price objective for the company. in a research report on Friday, May 6th. Morgan Stanley reduced their target price on AbbVie from $191.00 to $188.00 and set an "overweight" rating on the stock in a report on Monday, August 1st. Atlantic Securities reduced their target price on AbbVie from $178.00 to $162.00 and set a "neutral" rating on the stock in a report on Monday, August 1st. SVB Leerink assumed coverage on AbbVie in a report on Monday, May 23rd. They issued an "underperform" rating and a $140.00 target price on the stock. Finally, The Goldman Sachs Group lifted their target price on AbbVie from $122.00 to $140.00 and gave the company a "neutral" rating in a report on Tuesday, April 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $160.50.

AbbVie Stock Down 0.6 %

NYSE:ABBV opened at $138.04 on Friday. The firm has a market capitalization of $243.93 billion, a PE ratio of 19.55, a price-to-earnings-growth ratio of 3.87 and a beta of 0.70. The stock has a 50 day moving average of $147.52 and a 200-day moving average of $150.16. AbbVie Inc. has a 52 week low of $105.56 and a 52 week high of $175.91. The company has a current ratio of 0.82, a quick ratio of 0.71 and a debt-to-equity ratio of 3.89.

AbbVie (NYSE:ABBV – Get Rating) last posted its earnings results on Friday, July 29th. The company reported $3.37 EPS for the quarter, beating the consensus estimate of $3.31 by $0.06. The company had revenue of $14.58 billion during the quarter, compared to analyst estimates of $14.64 billion. AbbVie had a return on equity of 157.31% and a net margin of 22.03%. The business's revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company earned $3.11 earnings per share. Analysts predict that AbbVie Inc. will post 14.05 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Stockholders of record on Friday, July 15th will be given a dividend of $1.41 per share. The ex-dividend date of this dividend is Thursday, July 14th. This represents a $5.64 annualized dividend and a dividend yield of 4.09%. AbbVie's dividend payout ratio is presently 79.89%.

AbbVie Company Profile

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.