11,849 AbbVie Inc. $ABBV Shares Purchased by Alps Advisors Inc.

Key Points

• Alps Advisors increased its AbbVie stake by 8.1% in the third quarter, purchasing 11,849 shares and bringing its holdings to 158,572 shares, valued at about $41.5 million.
• AbbVie beat third-quarter earnings and revenue estimates, with revenue up 10.3% year over year to $17.4 billion; it also raised its quarterly dividend from $1.73 to $1.82 per share.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $297.46. Separately, EVP Nicholas Donoghoe sold 32,710 shares for about $8.2 million.

Alps Advisors Inc. grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 8.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 158,572 shares of the company's stock after acquiring an additional 11,849 shares during the quarter. Alps Advisors Inc.'s holdings in AbbVie were worth $41,481,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Providence First Trust Co bought a new position in shares of AbbVie during the 3rd quarter valued at $397,000. CenterBook Partners LP bought a new stake in AbbVie during the 3rd quarter valued at $1,888,000. Asset One Wealth Management LLC raised its holdings in shares of AbbVie by 10.9% in the third quarter. Asset One Wealth Management LLC now owns 25,838 shares of the company's stock worth $6,759,000 after buying an additional 2,537 shares during the last quarter. Allegiance Financial Group Advisory Services LLC acquired a new position in AbbVie during the third quarter valued at $382,000. Finally, Calamos Wealth Management LLC grew its stake in AbbVie by 2.9% in the 3rd quarter. Calamos Wealth Management LLC now owns 16,387 shares of the company's stock valued at $4,287,000 after acquiring an additional 468 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president directly 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 document filed with the SEC, which is available at this hyperlink. Company insiders own 0.06% of the company's stock.

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 Stock Performance

Shares of NYSE ABBV opened at $291.51 on Friday. The stock has a market capitalization of $515.03 billion, a P/E ratio of 22.51, a PEG ratio of 1.31 and a beta of 0.20. AbbVie Inc. has a 52 week low of $190.75 and a 52 week high of $302.93. The stock's fifty day moving average is $271.98 and its 200 day moving average is $239.04.

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

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be issued a $1.82 dividend. This is a boost from AbbVie's previous quarterly dividend of $1.73. The ex-dividend date is Friday, January 15th. This represents a $7.28 annualized dividend and a yield of 2.5%. AbbVie's payout ratio is presently 119.10%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ABBV shares. Royal Bank Of Canada increased their target price on AbbVie from $280.00 to $330.00 and gave the stock an "outperform" rating in a research note on Monday, November 2nd. Citigroup increased their price target on AbbVie from $230.00 to $260.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Wells Fargo & Company increased their price target on AbbVie from $300.00 to $340.00 and gave the stock an "overweight" rating in a report on Monday. Cantor Fitzgerald lifted their target price on shares of AbbVie from $290.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, November 2nd. Finally, Scotiabank upped their price target on AbbVie from $280.00 to $320.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $297.46.

AbbVie Company 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.

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