AbbVie Inc. $ABBV Stock Purchased by Asset One Wealth Management LLC

Asset One Wealth Management LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 10.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,838 shares of the company’s stock after buying an additional 2,537 shares during the period. Asset One Wealth Management LLC’s holdings in AbbVie were worth $6,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp raised its position in AbbVie by 1.7% in the 2nd quarter. State Street Corp now owns 82,596,748 shares of the company’s stock valued at $20,784,646,000 after buying an additional 1,379,232 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in AbbVie by 0.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,267,697 shares of the company’s stock worth $3,590,323,000 after buying an additional 106,091 shares during the period. Legal & General Group Plc purchased a new position in AbbVie during the second quarter worth about $2,905,952,000. Deutsche Bank AG increased its stake in shares of AbbVie by 13.0% during the second quarter. Deutsche Bank AG now owns 10,772,949 shares of the company’s stock valued at $2,710,905,000 after acquiring an additional 1,241,587 shares during the period. Finally, Amundi boosted its stake in AbbVie by 2.4% during the first quarter. Amundi now owns 10,698,095 shares of the company’s stock worth $2,326,728,000 after buying an additional 247,689 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the transaction, the executive vice president owned 74,430 shares of the company’s stock, valued at $18,607,500. The trade was a 30.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on ABBV. Rothschild & Co Redburn upped their price target on AbbVie from $284.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Morgan Stanley boosted their target price on shares of AbbVie from $310.00 to $346.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Erste Group Bank raised AbbVie from a “hold” rating to a “buy” rating in a research note on Wednesday, August 5th. BNP Paribas Exane lifted their price target on shares of AbbVie from $218.00 to $247.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Finally, Citigroup lifted their price target on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $297.46.

AbbVie Price Performance

AbbVie stock opened at $291.51 on Friday. AbbVie Inc. has a 12 month low of $190.75 and a 12 month high of $302.93. The business has a 50 day simple moving average of $271.98 and a 200-day simple moving average of $239.04. The stock has a market capitalization of $515.03 billion, a PE ratio of 50.17, a price-to-earnings-growth ratio of 1.31 and a beta of 0.20.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, October 30th. The company reported $3.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.73 by $0.09. The company had revenue of $17.40 billion during the quarter, compared to analyst estimates of $17.32 billion. AbbVie had a net margin of 15.67% and a negative return on equity of 435.41%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.86 EPS. As a group, equities research analysts anticipate that AbbVie Inc. will post 13.99 EPS for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.73. AbbVie’s dividend payout ratio (DPR) is presently 119.10%.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s third-quarter results beat expectations, with revenue of $17.4 billion, and the company raised its full-year adjusted earnings outlook. The earnings report has strengthened the growth case for the shares. AbbVie stock climbs as Q3 earnings fuel growth case
• Positive Sentiment: A licensing agreement with Nxera Pharma for an EP4 agonist gives AbbVie another potential inflammatory bowel disease treatment candidate. The deal may add to its pipeline as investors assess the durability of its newer growth drivers. Nxera licenses EP4 agonist to AbbVie
• Positive Sentiment: AbbVie recently reached a fresh high following its earnings beat and a dividend increase, while analysts remain broadly optimistic. This supports investor interest in the stock as a defensive healthcare name. AbbVie’s new growth engines face another test
• Negative Sentiment: AbbVie’s shares have already climbed substantially and are near their 52-week high, leaving less room for disappointment. Humira’s decline also means the company must continue demonstrating that newer products can sustain growth. The one thing to settle before buying AbbVie stock

AbbVie Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.

Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.