AbbVie Inc. $ABBV Shares Acquired by Secure Asset Management LLC

by · The Cerbat Gem

Secure Asset Management LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 13.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,525 shares of the company’s stock after purchasing an additional 798 shares during the quarter. Secure Asset Management LLC’s holdings in AbbVie were worth $1,211,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of AbbVie by 0.5% in the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock valued at $36,439,271,000 after buying an additional 845,787 shares during the last quarter. Northern Trust Corp increased its stake in shares of AbbVie by 0.9% during the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock worth $4,612,357,000 after acquiring an additional 189,294 shares during the period. Goldman Sachs Group Inc. raised its holdings in AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in AbbVie by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock valued at $2,675,959,000 after purchasing an additional 713,148 shares during the period. Finally, GAMMA Investing LLC increased its position in AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Up 1.8%

AbbVie stock opened at $220.16 on Thursday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $221.76. The firm’s 50-day moving average is $201.98 and its 200-day moving average is $194.84. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company has a market cap of $388.93 billion, a P/E ratio of 104.84, a PEG ratio of 1.39 and a beta of 0.53.

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

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ABBV shares. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a report on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday. Piper Sandler initiated coverage on shares of AbbVie in a research note on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price target on the stock. Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and raised their price objective for the company from $170.00 to $270.00 in a research note on Wednesday. Finally, Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $222.68.

Get Our Latest Analysis on ABBV

Insider Buying and Selling at AbbVie

In related news, 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 value of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.

See Also

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