GQG Partners LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 99.7% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 8,473 shares of the company’s stock after selling 3,105,796 shares during the quarter. GQG Partners LLC’s holdings in AbbVie were worth $954,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in ABBV. 4Thought Financial Group Inc. acquired a new position in AbbVie in the 2nd quarter valued at $25,000. Cowen Prime Advisors LLC acquired a new stake in AbbVie in the 2nd quarter valued at about $34,000. ShoreHaven Wealth Partners LLC grew its stake in AbbVie by 150.4% in the 1st quarter. ShoreHaven Wealth Partners LLC now owns 318 shares of the company’s stock valued at $35,000 after acquiring an additional 191 shares during the last quarter. KB Financial Partners LLC acquired a new stake in AbbVie in the 1st quarter valued at about $37,000. Finally, Penserra Capital Management LLC acquired a new stake in AbbVie in the 2nd quarter valued at about $38,000. 65.82% of the stock is currently owned by institutional investors.
ABBV has been the topic of several recent analyst reports. Barclays increased their price objective on shares of AbbVie from $105.00 to $112.00 and gave the stock an “equal weight” rating in a report on Monday, August 2nd. Argus upped their price target on shares of AbbVie from $130.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 5th. Cowen boosted their price objective on shares of AbbVie from $120.00 to $130.00 and gave the stock an “outperform” rating in a report on Monday, August 23rd. SVB Leerink cut their target price on shares of AbbVie from $148.00 to $142.00 and set an “outperform” rating on the stock in a research note on Thursday, September 2nd. Finally, Truist started coverage on shares of AbbVie in a research report on Tuesday, July 27th. They issued a “buy” rating and a $124.08 target price for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie has an average rating of “Buy” and a consensus target price of $125.29.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 29th. The company reported $3.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.09 by $0.02. The company had revenue of $13.96 billion during the quarter, compared to the consensus estimate of $13.64 billion. AbbVie had a net margin of 12.40% and a return on equity of 154.24%. The firm’s quarterly revenue was up 33.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.34 EPS. Equities research analysts anticipate that AbbVie Inc. will post 12.64 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 15th. Shareholders of record on Friday, October 15th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.79%. The ex-dividend date is Thursday, October 14th. AbbVie’s dividend payout ratio (DPR) is presently 49.24%.
In related news, SVP Carrie C. Strom sold 5,057 shares of the business’s stock in a transaction dated Monday, August 23rd. The stock was sold at an average price of $120.00, for a total transaction of $606,840.00. Following the completion of the transaction, the senior vice president now directly owns 11,595 shares in the company, valued at $1,391,400. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.09% of the company’s stock.
AbbVie Company Profile
AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.
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