Seven Eight Capital LP Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Seven Eight Capital LP trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,081 shares of the company’s stock after selling 83 shares during the quarter. Seven Eight Capital LP’s holdings in AbbVie were worth $528,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ABBV. Beck Bode LLC purchased a new position in shares of AbbVie in the 2nd quarter valued at approximately $7,405,000. Blair William & Co. IL raised its position in shares of AbbVie by 2.5% in the 2nd quarter. Blair William & Co. IL now owns 1,166,215 shares of the company’s stock valued at $200,029,000 after purchasing an additional 28,273 shares during the last quarter. Zega Financial LLC purchased a new position in shares of AbbVie in the 2nd quarter valued at approximately $750,000. Vanguard Personalized Indexing Management LLC raised its position in shares of AbbVie by 10.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 165,870 shares of the company’s stock valued at $28,044,000 after purchasing an additional 15,302 shares during the last quarter. Finally, Tredje AP fonden raised its position in shares of AbbVie by 31.4% in the 2nd quarter. Tredje AP fonden now owns 714,230 shares of the company’s stock valued at $122,505,000 after purchasing an additional 170,500 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction 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 sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction 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 sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Price Performance

AbbVie stock opened at $193.47 on Friday. The company’s fifty day moving average price is $189.35 and its 200 day moving average price is $175.80. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The stock has a market capitalization of $341.64 billion, a P/E ratio of 57.41, a P/E/G ratio of 2.66 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the company earned $2.91 EPS. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities research analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. AbbVie’s dividend payout ratio is currently 183.98%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ABBV shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Truist Financial reissued a “buy” rating and set a $210.00 price target (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Wells Fargo & Company raised their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Wednesday, June 5th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $191.64.

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.