GQG Partners LLC Lowers Position in AbbVie Inc. (NYSE:ABBV)

GQG Partners LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 99.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,473 shares of the company’s stock after selling 3,105,796 shares during the period. GQG Partners LLC’s holdings in AbbVie were worth $954,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. Tudor Investment Corp Et Al acquired a new position in shares of AbbVie during the first quarter worth about $1,835,000. Schroder Investment Management Group grew its holdings in AbbVie by 6.0% during the 1st quarter. Schroder Investment Management Group now owns 1,826,123 shares of the company’s stock worth $197,623,000 after acquiring an additional 103,972 shares in the last quarter. CLARET ASSET MANAGEMENT Corp increased its position in shares of AbbVie by 7.1% in the 2nd quarter. CLARET ASSET MANAGEMENT Corp now owns 157,384 shares of the company’s stock valued at $17,728,000 after purchasing an additional 10,455 shares during the last quarter. Crawford Investment Counsel Inc. increased its position in shares of AbbVie by 5.6% in the 1st quarter. Crawford Investment Counsel Inc. now owns 1,121,058 shares of the company’s stock valued at $121,321,000 after purchasing an additional 59,078 shares during the last quarter. Finally, MML Investors Services LLC raised its holdings in shares of AbbVie by 1.7% in the 1st quarter. MML Investors Services LLC now owns 309,313 shares of the company’s stock valued at $33,474,000 after purchasing an additional 5,121 shares in the last quarter. 65.82% of the stock is owned by hedge funds and other institutional investors.

AbbVie stock traded up $0.08 during midday trading on Thursday, hitting $108.61. 122,555 shares of the stock were exchanged, compared to its average volume of 7,008,608. AbbVie Inc. has a 1 year low of $79.11 and a 1 year high of $121.53. The firm has a market cap of $191.93 billion, a P/E ratio of 29.10, a P/E/G ratio of 2.01 and a beta of 0.82. The company has a debt-to-equity ratio of 5.89, a current ratio of 0.91 and a quick ratio of 0.79. The company has a 50 day moving average price of $112.16 and a two-hundred day moving average price of $113.04.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 29th. The company reported $3.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.09 by $0.02. The firm had revenue of $13.96 billion for 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 previous year, the firm posted $2.34 EPS. As a group, analysts predict that AbbVie Inc. will post 12.64 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Friday, October 15th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.79%. The ex-dividend date is Thursday, October 14th. AbbVie’s dividend payout ratio (DPR) is presently 49.24%.

A number of analysts have weighed in on the company. Daiwa Capital Markets started coverage on AbbVie in a research note on Friday, July 2nd. They issued an “outperform” rating on the stock. Mizuho lifted their price objective on shares of AbbVie from $128.00 to $131.00 and gave the company a “buy” rating in a research report on Monday, August 2nd. Cowen lifted their price objective on shares of AbbVie from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday, August 23rd. Morgan Stanley reiterated a “buy” rating and issued a $116.00 price objective on shares of AbbVie in a research report on Friday, August 20th. Finally, Truist initiated coverage on shares of AbbVie in a research report on Tuesday, July 27th. They issued a “buy” rating and a $124.08 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Buy” and an average price target of $125.29.

In other AbbVie news, SVP Carrie C. Strom sold 5,057 shares of the business’s stock in a transaction dated Monday, August 23rd. The shares were 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 of the company’s stock, valued at approximately $1,391,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.09% of the company’s stock.

AbbVie 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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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