State of Michigan Retirement System Cuts Stake in AbbVie Inc (NYSE:ABBV)

State of Michigan Retirement System lowered its position in shares of AbbVie Inc (NYSE:ABBV) by 8.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 736,850 shares of the company’s stock after selling 71,953 shares during the period. State of Michigan Retirement System’s holdings in AbbVie were worth $72,344,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ABBV. Wesbanco Bank Inc. boosted its position in shares of AbbVie by 72.8% in the 2nd quarter. Wesbanco Bank Inc. now owns 128,245 shares of the company’s stock valued at $12,591,000 after purchasing an additional 54,010 shares during the period. Investors Asset Management of Georgia Inc. GA ADV lifted its position in AbbVie by 6.2% during the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 18,049 shares of the company’s stock worth $1,375,000 after acquiring an additional 1,050 shares during the period. Lido Advisors LLC lifted its position in AbbVie by 50.9% during the 1st quarter. Lido Advisors LLC now owns 56,616 shares of the company’s stock worth $4,314,000 after acquiring an additional 19,088 shares during the period. Point View Wealth Management Inc. lifted its position in AbbVie by 40.1% during the 2nd quarter. Point View Wealth Management Inc. now owns 11,313 shares of the company’s stock worth $1,111,000 after acquiring an additional 3,237 shares during the period. Finally, APG Asset Management N.V. lifted its holdings in shares of AbbVie by 142.8% in the 1st quarter. APG Asset Management N.V. now owns 1,743,224 shares of the company’s stock valued at $132,816,000 after buying an additional 1,025,112 shares during the period. Hedge funds and other institutional investors own 72.40% of the company’s stock.

In other news, EVP Timothy J. Richmond sold 19,445 shares of AbbVie stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Carlos Alban sold 53,325 shares of AbbVie stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $100.00, for a total value of $5,332,500.00. Following the sale, the insider now directly owns 137,899 shares in the company, valued at $13,789,900. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,794 shares of company stock worth $9,057,485. 0.09% of the stock is currently owned by insiders.

Several analysts have recently commented on the company. JPMorgan Chase & Co. raised AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 price target for the company in a report on Tuesday, May 12th. Wolfe Research raised AbbVie from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, June 9th. Bank of America began coverage on AbbVie in a research report on Monday, May 18th. They issued a “neutral” rating and a $95.00 price objective for the company. Evercore ISI began coverage on AbbVie in a research report on Wednesday, June 10th. They issued a “buy” rating and a $111.00 price objective for the company. Finally, Mizuho lifted their price objective on AbbVie from $101.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $106.80.

Shares of ABBV traded down $1.13 during midday trading on Friday, reaching $94.91. 14,614,332 shares of the company were exchanged, compared to its average volume of 5,717,843. The stock has a 50-day moving average price of $97.25 and a 200-day moving average price of $88.40. The company has a market cap of $141.83 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 1.65 and a beta of 0.86. AbbVie Inc has a 1-year low of $62.55 and a 1-year high of $101.28.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.34 EPS for the quarter, topping the Zacks’ consensus estimate of $2.20 by $0.14. The company had revenue of $10.43 billion for the quarter, compared to analysts’ expectations of $10.14 billion. AbbVie had a negative return on equity of 169.80% and a net margin of 24.77%. The firm’s quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.26 earnings per share. Analysts anticipate that AbbVie Inc will post 10.45 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a dividend of $1.18 per share. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend is Tuesday, July 14th. AbbVie’s dividend payout ratio is presently 52.80%.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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