AbbVie Inc. $ABBV Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 66.7% in the second quarter, HoldingsChannel reports. The firm owned 1,892 shares of the company’s stock after selling 3,795 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in AbbVie were worth $351,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new position in AbbVie during the 1st quarter worth $1,819,154,000. Assenagon Asset Management S.A. boosted its stake in shares of AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after buying an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. grew its position in shares of AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after buying an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of AbbVie during the second quarter worth about $581,817,000. Finally, Invesco Ltd. increased its stake in shares of AbbVie by 17.5% during the first quarter. Invesco Ltd. now owns 8,367,049 shares of the company’s stock worth $1,753,064,000 after buying an additional 1,246,863 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.08% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock opened at $227.67 on Wednesday. The stock has a market capitalization of $402.19 billion, a price-to-earnings ratio of 108.41, a PEG ratio of 1.44 and a beta of 0.51. The firm’s fifty day simple moving average is $221.56 and its 200-day simple moving average is $199.96. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81.

AbbVie (NYSE:ABBV) last posted 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 analyst estimates of $14.93 billion. During the same quarter in the prior year, the firm posted $2.65 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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

Wall Street Analysts Forecast Growth

ABBV has been the subject of several analyst reports. Wells Fargo & Company boosted their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Raymond James Financial reaffirmed an “outperform” rating and set a $250.00 price objective (up from $236.00) on shares of AbbVie in a research report on Friday, October 17th. HSBC set a $225.00 target price on AbbVie in a report on Thursday, October 2nd. Citigroup restated a “neutral” rating on shares of AbbVie in a research note on Monday, October 13th. Finally, Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price 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.