AbbVie Inc. $ABBV Shares Bought by Korea Investment CORP

by · The Markets Daily

Korea Investment CORP grew its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 1.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,341,340 shares of the company’s stock after acquiring an additional 16,502 shares during the period. AbbVie comprises 0.7% of Korea Investment CORP’s portfolio, making the stock its 23rd largest holding. Korea Investment CORP’s holdings in AbbVie were worth $281,038,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ABBV. Brighton Jones LLC boosted its holdings in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares in the last quarter. MML Investors Services LLC boosted its holdings in AbbVie by 9.5% during the fourth quarter. MML Investors Services LLC now owns 601,040 shares of the company’s stock worth $106,805,000 after buying an additional 52,379 shares in the last quarter. Mirabella Financial Services LLP purchased a new stake in AbbVie during the fourth quarter worth about $3,256,000. Finally, Kelly Lawrence W & Associates Inc. CA boosted its holdings in AbbVie by 0.9% during the fourth quarter. Kelly Lawrence W & Associates Inc. CA now owns 9,837 shares of the company’s stock worth $1,748,000 after buying an additional 86 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Raymond James Financial upped their price target on shares of AbbVie from $227.00 to $236.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Morgan Stanley boosted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Finally, Cantor Fitzgerald started coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective for the company. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and five have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $214.95.

Get Our Latest Analysis on ABBV

AbbVie Trading Up 1.0%

AbbVie stock opened at $206.65 on Monday. The firm’s 50-day moving average is $191.08 and its 200-day moving average is $192.31. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The company has a market cap of $365.06 billion, a P/E ratio of 98.41, a PEG ratio of 1.33 and a beta of 0.50.

AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.65 earnings per share. On average, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were given a $1.64 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.2%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

AbbVie Profile

(Free Report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.

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