Fir Tree Capital Management LP Has $66.61 Million Position in AbbVie Inc. (NYSE:ABBV)

Fir Tree Capital Management LP reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.4% in the second quarter, HoldingsChannel.com reports. The firm owned 591,359 shares of the company’s stock after selling 47,321 shares during the period. AbbVie comprises about 2.5% of Fir Tree Capital Management LP’s investment portfolio, making the stock its 4th largest holding. Fir Tree Capital Management LP’s holdings in AbbVie were worth $66,611,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Invst LLC raised its stake in AbbVie by 0.9% in the second quarter. Invst LLC now owns 9,585 shares of the company’s stock worth $1,126,000 after buying an additional 88 shares in the last quarter. Samalin Investment Counsel LLC grew its holdings in AbbVie by 0.9% in the second quarter. Samalin Investment Counsel LLC now owns 10,323 shares of the company’s stock worth $1,163,000 after purchasing an additional 88 shares during the last quarter. Loomis Sayles & Co. L P grew its holdings in AbbVie by 24.1% in the first quarter. Loomis Sayles & Co. L P now owns 459 shares of the company’s stock worth $50,000 after purchasing an additional 89 shares during the last quarter. Altfest L J & Co. Inc. grew its holdings in AbbVie by 0.5% in the second quarter. Altfest L J & Co. Inc. now owns 18,871 shares of the company’s stock worth $2,126,000 after purchasing an additional 89 shares during the last quarter. Finally, MBE Wealth Management LLC grew its holdings in AbbVie by 1.9% in the second quarter. MBE Wealth Management LLC now owns 5,004 shares of the company’s stock worth $564,000 after purchasing an additional 92 shares during the last quarter. 65.82% of the stock is owned by hedge funds and other institutional investors.

ABBV stock opened at $109.55 on Wednesday. The company has a market cap of $193.59 billion, a price-to-earnings ratio of 29.51, a PEG ratio of 2.01 and a beta of 0.82. The company has a current ratio of 0.91, a quick ratio of 0.79 and a debt-to-equity ratio of 5.89. AbbVie Inc. has a 12 month low of $79.11 and a 12 month high of $121.53. The firm has a 50-day moving average of $111.59 and a two-hundred day moving average of $113.12.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 29th. The company reported $3.11 EPS for the quarter, beating the Zacks’ consensus estimate of $3.09 by $0.02. The company had revenue of $13.96 billion during the quarter, compared to the consensus estimate of $13.64 billion. AbbVie had a net margin of 12.40% and a return on equity of 154.24%. AbbVie’s quarterly revenue was up 33.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.34 EPS. As a group, equities analysts forecast that AbbVie Inc. will post 12.64 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 15th. Shareholders of record on Friday, October 15th will be issued a $1.30 dividend. The ex-dividend date is Thursday, October 14th. This represents a $5.20 dividend on an annualized basis and a yield of 4.75%. AbbVie’s payout ratio is 49.24%.

Several equities analysts have issued reports on the stock. SVB Leerink cut their price target on shares of AbbVie from $148.00 to $142.00 and set an “outperform” rating on the stock in a report on Thursday, September 2nd. Truist assumed coverage on shares of AbbVie in a report on Tuesday, July 27th. They set a “buy” rating and a $124.08 price objective on the stock. Argus boosted their price objective on shares of AbbVie from $130.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 5th. Mizuho upped their price target on shares of AbbVie from $128.00 to $131.00 and gave the company a “buy” rating in a report on Monday, August 2nd. Finally, Daiwa Capital Markets initiated coverage on shares of AbbVie in a report on Friday, July 2nd. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $125.70.

In other news, SVP Carrie C. Strom sold 5,057 shares of the stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $120.00, for a total value of $606,840.00. Following the completion of the sale, the senior vice president now owns 11,595 shares of the company’s stock, valued at approximately $1,391,400. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.09% of the company’s stock.

AbbVie Company Profile

AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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