Calydon Capital has reduced its stake in AbbVie Inc. (NYSE: ABBV) by 23% during the third quarter, as disclosed in its latest filing with the Securities and Exchange Commission (SEC). The firm now holds 39,551 shares, having sold 11,791 shares in this period. AbbVie constitutes approximately 1.5% of Calydon Capital’s investment portfolio, ranking as the firm’s 12th largest position. At the close of the quarter, Calydon’s holdings in AbbVie were valued at approximately $9.16 million.
Several other institutional investors have also modified their positions in AbbVie. Notably, Texas Capital Bancshares Inc. acquired a new position worth around $31,000 in the third quarter. Evolution Wealth Management Inc. purchased shares valued at $26,000 in the second quarter. Additionally, Caitlin John LLC invested $33,000 in AbbVie during the third quarter, while Redmont Wealth Advisors LLC acquired shares worth $41,000. Financial Gravity Companies Inc. also made a new investment valued at $36,000 in the same period. Overall, institutional investors and hedge funds own about 70.23% of AbbVie’s stock.
Insider Sales and Recent Market Activity
In related developments, insider activity at AbbVie has seen significant sales. Senior Vice President David Ryan Purdue sold 5,230 shares on March 4, valued at an average price of $233.56, totaling approximately $1.22 million. Following this transaction, Purdue retains 2,654 shares, worth around $619,868, reflecting a decrease of 66.34% in his holdings.
Additionally, Executive Vice President Perry C. Siatis sold 22,381 shares on February 25, with an average sale price of $230.00, resulting in a total of approximately $5.15 million. Siatis now owns 38,137 shares valued at about $8.77 million, marking a 36.98% reduction in his stake. These transactions are documented in filings with the SEC.
Current Stock Performance and Financial Outlook
As of the latest trading day, AbbVie’s stock opened at $219.73, reflecting a decline of 2.5%. The company has a market capitalization of $388.51 billion and reported a price-to-earnings ratio of 93.10. AbbVie’s stock has experienced a 12-month low of $164.39 and a high of $244.81. The firm’s 50-day and 200-day moving averages stand at $224.33 and $224.67, respectively.
In its most recent earnings report released on February 4, AbbVie posted earnings of $2.71 per share, surpassing analysts’ expectations of $2.65 by $0.06. The company generated $16.62 billion in revenue for the quarter, exceeding the consensus estimate of $16.39 billion. AbbVie’s revenue increased by 10% compared to the same period last year, when it reported $2.16 EPS. The company has provided guidance for fiscal year 2026, projecting earnings per share between $14.370 and $14.570.
AbbVie has also announced a quarterly dividend of $1.73, set to be paid on May 15, 2024. Investors on record as of April 15 will qualify for this dividend, which translates to an annualized payout of $6.92 and a yield of 3.1%. AbbVie’s payout ratio currently stands at 293.22%.
AbbVie Inc., headquartered in North Chicago, Illinois, is a global biopharmaceutical company formed as a spin-off from Abbott Laboratories in 2013. The company focuses on developing therapies for complex medical conditions across various therapeutic areas, including immunology, oncology, neuroscience, and women’s health.
