Redwood Investment Management LLC Sells 15,651 Shares of AbbVie Inc. (NYSE:ABBV)

Redwood Investment Management LLC decreased its position in AbbVie Inc. (NYSE:ABBV) by 90.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,678 shares of the company’s stock after selling 15,651 shares during the period. Redwood Investment Management LLC’s holdings in AbbVie were worth $305,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie in the 4th quarter worth about $26,000. IFS Advisors LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $36,000. Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $37,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at about $33,000. Finally, Valued Wealth Advisors LLC increased its position in shares of AbbVie by 111.1% during the 1st quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock valued at $42,000 after purchasing an additional 120 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock traded up $1.86 on Thursday, reaching $187.18. 858,660 shares of the stock were exchanged, compared to its average volume of 5,549,277. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $189.91. The firm has a market capitalization of $330.54 billion, a price-to-earnings ratio of 54.99, a PEG ratio of 2.45 and a beta of 0.64. The business has a 50 day moving average price of $169.01 and a two-hundred day moving average price of $170.04.

AbbVie (NYSE:ABBV) last announced its quarterly 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. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. AbbVie’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the business earned $2.91 earnings per share. Analysts anticipate that AbbVie Inc. will post 10.87 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ABBV shares. Morgan Stanley increased their target price on shares of AbbVie from $191.00 to $196.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Friday, July 26th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a report on Wednesday, June 5th. Finally, Truist Financial reissued a “buy” rating and issued a $210.00 target price (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. Two equities research 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 stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $188.71.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.25% of the company’s stock.

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.