Vigilare Wealth Management has decreased its stake in AbbVie Inc. (NYSE: ABBV) by 15.4%, selling 429 shares during the second quarter of 2023. The firm’s latest filing with the Securities and Exchange Commission revealed that it now holds 2,356 shares of AbbVie, valued at approximately $437,000. This adjustment comes amid a broader trend of institutional investors altering their positions in the pharmaceutical giant.
Several notable investors have recently modified their stakes in AbbVie. For instance, First Hawaiian Bank increased its holdings by 0.8%, acquiring 60 additional shares to bring its total to 7,556 shares, worth about $1.4 million. In a more significant move, Narus Financial Partners LLC raised its stake by 25.3% in the first quarter, now owning 1,988 shares valued at $417,000. Highland Capital Management LLC also boosted its position by 6.3%, holding 46,853 shares now worth approximately $9.8 million.
Institutional investors collectively own 70.23% of AbbVie’s stock, indicating strong professional confidence in the company.
Insider Transactions Highlight Activity
In addition to changes in institutional holdings, AbbVie executives have engaged in notable insider transactions. On August 5, 2023, Executive Vice President Nicholas Donoghoe sold 13,295 shares at an average price of $198.51, totaling approximately $2.64 million. This sale reduced Donoghoe’s holdings to 58,247 shares, valued at around $11.56 million, reflecting an 18.58% decrease in his position.
Similarly, Executive Vice President Azita Saleki-Gerhardt sold 42,370 shares on August 12, 2023, at an average price of $198.42, amounting to about $8.41 million. Following this transaction, Saleki-Gerhardt owns 177,292 shares, valued at approximately $35.18 million, marking a 19.29% reduction in her holdings. Together, these transactions demonstrate significant insider activity at AbbVie.
AbbVie Performance and Future Outlook
AbbVie recently reported its earnings for the second quarter on July 31, 2023. The company posted earnings per share (EPS) of $2.97, which fell short of analysts’ expectations by $0.27. AbbVie recorded revenue of $15.42 billion, exceeding estimates of $14.93 billion, and exhibited a 6.6% increase in revenue compared to the same quarter last year.
Looking ahead, analysts forecast that AbbVie will achieve an EPS of $12.31 for the current year. The company also announced a quarterly dividend of $1.64, scheduled for payment on November 14, 2023, to shareholders on record as of October 15, 2023. The dividend represents an annualized rate of $6.56 and a yield of 2.8%.
Research analysts continue to weigh in on AbbVie, with several firms adjusting their price targets. Piper Sandler initiated coverage with an overweight rating and a target price of $231.00, while Evercore ISI revised its price objective upward to $222.00 with an outperform rating. Berenberg Bank upgraded its rating from hold to buy, setting a new price target of $270.00, reflecting strong investor interest.
Overall, AbbVie currently holds an average rating of Moderate Buy among analysts, with an average price target of $223.45. The company continues to be a focal point in the pharmaceutical industry, driven by its diverse product offerings and robust market performance.
