Park Place Capital Corp Reduces Stake in AbbVie Inc. $ABBV

Park Place Capital Corp decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 35.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 5,993 shares of the company’s stock after selling 3,307 shares during the period. Park Place Capital Corp’s holdings in AbbVie were worth $1,139,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ABBV. Brighton Jones LLC lifted its holdings in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after acquiring an additional 3,064 shares in the last quarter. Baker Tilly Wealth Management LLC raised its holdings in shares of AbbVie by 22.6% in the 1st quarter. Baker Tilly Wealth Management LLC now owns 4,771 shares of the company’s stock valued at $1,000,000 after acquiring an additional 881 shares in the last quarter. Fiduciary Alliance LLC raised its holdings in shares of AbbVie by 6.8% in the 1st quarter. Fiduciary Alliance LLC now owns 16,926 shares of the company’s stock valued at $3,546,000 after acquiring an additional 1,079 shares in the last quarter. Finally, Worth Asset Management LLC raised its holdings in shares of AbbVie by 433.6% in the 1st quarter. Worth Asset Management LLC now owns 8,089 shares of the company’s stock valued at $1,695,000 after acquiring an additional 6,573 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock opened at $222.93 on Tuesday. 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 has a market capitalization of $393.82 billion, a PE ratio of 106.16, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. The business’s 50-day moving average price is $207.00 and its 200-day moving average price is $195.12. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $225.16.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.65 earnings per share. Sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. Morgan Stanley raised their price target on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. BMO Capital Markets raised their price target on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Finally, Citigroup raised their price target on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $223.45.

AbbVie Company 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.