CORDA Investment Management LLC. Sells 735 Shares of AbbVie Inc. $ABBV

CORDA Investment Management LLC. reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 11.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,897 shares of the company’s stock after selling 735 shares during the quarter. CORDA Investment Management LLC.’s holdings in AbbVie were worth $1,095,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ABBV. Nuveen LLC bought a new position in shares of AbbVie during the 1st quarter worth approximately $1,819,154,000. Assenagon Asset Management S.A. grew its stake in shares of AbbVie by 550.9% in the second 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 in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after buying an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of AbbVie in the second quarter valued at $581,817,000. Finally, Bessemer Group Inc. grew its stake in shares of AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock valued at $576,800,000 after buying an additional 1,641,091 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction 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 completion of the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

AbbVie Trading Up 1.2%

Shares of AbbVie stock opened at $229.66 on Monday. The business has a fifty day simple moving average of $217.91 and a two-hundred day simple moving average of $197.52. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The company has a market capitalization of $405.71 billion, a price-to-earnings ratio of 109.36, a P/E/G ratio of 1.43 and a beta of 0.51. 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 (NYSE:ABBV) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period in the prior year, the business posted $2.65 EPS. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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

Wall Street Analysts Forecast Growth

ABBV has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Evercore ISI raised their target price on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Erste Group Bank downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, Guggenheim raised their price target on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $234.05.

About AbbVie

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.