Hayek Kallen Investment Management Lowers Stake in AbbVie Inc (NYSE:ABBV)

Hayek Kallen Investment Management decreased its stake in shares of AbbVie Inc (NYSE:ABBV) by 0.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,528 shares of the company’s stock after selling 269 shares during the quarter. AbbVie makes up 1.7% of Hayek Kallen Investment Management’s portfolio, making the stock its 22nd largest position. Hayek Kallen Investment Management’s holdings in AbbVie were worth $2,997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in ABBV. Principal Financial Group Inc. increased its holdings in AbbVie by 25.9% during the 2nd quarter. Principal Financial Group Inc. now owns 2,713,691 shares of the company’s stock worth $266,430,000 after purchasing an additional 558,412 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in shares of AbbVie by 93.8% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 723,666 shares of the company’s stock valued at $71,049,000 after buying an additional 350,206 shares during the period. Capital Advisors Inc. OK raised its holdings in shares of AbbVie by 1.9% in the second quarter. Capital Advisors Inc. OK now owns 290,860 shares of the company’s stock valued at $26,925,000 after acquiring an additional 5,411 shares in the last quarter. Bridgeway Capital Management Inc. bought a new stake in shares of AbbVie in the second quarter valued at about $19,426,000. Finally, Toronto Dominion Bank lifted its stake in AbbVie by 6.9% in the second quarter. Toronto Dominion Bank now owns 1,248,044 shares of the company’s stock worth $122,539,000 after acquiring an additional 80,955 shares during the period. 68.23% of the stock is owned by institutional investors.

Several equities research analysts have recently commented on the stock. Mizuho boosted their price target on shares of AbbVie from $110.00 to $111.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Piper Sandler upped their target price on AbbVie from $97.00 to $110.00 in a report on Wednesday, June 10th. ValuEngine cut AbbVie from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 27th. Royal Bank of Canada boosted their price target on AbbVie from $125.00 to $127.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Finally, Wolfe Research raised AbbVie from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $108.33.

ABBV stock traded down $1.13 during midday trading on Wednesday, reaching $89.78. The stock had a trading volume of 6,302,844 shares, compared to its average volume of 10,050,307. The firm has a fifty day simple moving average of $93.82 and a two-hundred day simple moving average of $89.39. AbbVie Inc has a 52-week low of $62.55 and a 52-week high of $101.28. The company has a debt-to-equity ratio of 5.57, a quick ratio of 0.70 and a current ratio of 0.86. The stock has a market cap of $159.70 billion, a PE ratio of 19.18, a P/E/G ratio of 1.45 and a beta of 0.75.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 31st. The company reported $2.34 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.14. AbbVie had a negative return on equity of 628.57% and a net margin of 19.20%. The business had revenue of $10.43 billion for the quarter, compared to analyst estimates of $10.14 billion. During the same period in the prior year, the company earned $2.26 earnings per share. The company’s revenue was up 26.3% on a year-over-year basis. On average, sell-side analysts predict that AbbVie Inc will post 10.46 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be given a dividend of $1.18 per share. This represents a $4.72 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date is Wednesday, October 14th. AbbVie’s dividend payout ratio is presently 52.80%.

In other news, Vice Chairman Carlos Alban sold 53,325 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total value of $5,332,500.00. Following the sale, the insider now owns 137,899 shares in the company, valued at $13,789,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.09% of the company’s stock.

AbbVie Profile

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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