Cypress Asset Management Inc. TX Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Cypress Asset Management Inc. TX lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 40.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,150 shares of the company’s stock after selling 2,825 shares during the period. Cypress Asset Management Inc. TX’s holdings in AbbVie were worth $756,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ABBV. Norges Bank acquired a new stake in AbbVie during the 4th quarter worth approximately $3,229,888,000. Vanguard Group Inc. boosted its holdings in AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after purchasing an additional 9,978,415 shares during the period. International Assets Investment Management LLC purchased a new position in AbbVie in the fourth quarter valued at $499,955,000. Capital World Investors grew its stake in AbbVie by 249.1% during the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after purchasing an additional 3,120,310 shares in the last quarter. Finally, Capital International Investors increased its holdings in AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after purchasing an additional 3,110,601 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ABBV shares. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Tuesday, July 2nd. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Wells Fargo & Company boosted their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Barclays increased their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Truist Financial restated a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $188.71.

AbbVie Price Performance

AbbVie stock traded down $0.42 during mid-day trading on Friday, reaching $189.29. The company had a trading volume of 6,303,909 shares, compared to its average volume of 5,147,175. The stock’s 50-day simple moving average is $170.28 and its 200-day simple moving average is $170.36. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $193.91. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The company has a market capitalization of $334.26 billion, a P/E ratio of 56.17, a P/E/G ratio of 2.49 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the prior year, the company earned $2.91 earnings per share. AbbVie’s revenue was up 4.3% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 10.87 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

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.