OneAscent Investment Solutions LLC Makes New $330,000 Investment in AbbVie Inc. (NYSE:ABBV)

Key Points

• OneAscent Investment Solutions LLC acquired 1,575 shares of AbbVie Inc., valued at approximately $330,000, as reported in its latest SEC filing.
• A number of large investors, including Vanguard Group and Goldman Sachs, have recently increased their holdings in AbbVie, with hedge funds currently owning 70.23% of the stock.
• AbbVie recently announced a quarterly dividend of $1.64, with a 3.3% dividend yield, despite a high dividend payout ratio of 312.38%.

OneAscent Investment Solutions LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,575 shares of the company's stock, valued at approximately $330,000.

A number of other institutional investors also recently modified their holdings of ABBV. GAMMA Investing LLC grew its position in shares of AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after buying an additional 10,195,284 shares during the last quarter. Nuveen LLC bought a new position in AbbVie in the first quarter worth approximately $1,819,154,000. Goldman Sachs Group Inc. boosted its holdings in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after acquiring an additional 3,519,187 shares in the last quarter. Northern Trust Corp raised its stake in shares of AbbVie by 11.8% in the fourth quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock worth $3,878,236,000 after purchasing an additional 2,299,645 shares during the last quarter. Finally, Deutsche Bank AG raised its stake in shares of AbbVie by 27.4% in the fourth quarter. Deutsche Bank AG now owns 9,769,102 shares of the company's stock worth $1,735,969,000 after purchasing an additional 2,102,273 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. BNP Paribas raised AbbVie to a "hold" rating in a research note on Thursday, May 8th. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a report on Thursday, August 7th. Evercore ISI lifted their price objective on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Finally, Raymond James Financial boosted their price target on AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Six investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and five have issued a strong buy rating to the company's stock. According to MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.95.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the 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 transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Performance

Shares of NYSE:ABBV traded up $1.97 during midday trading on Friday, hitting $206.65. The company had a trading volume of 4,430,806 shares, compared to its average volume of 4,938,490. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company has a market cap of $365.06 billion, a price-to-earnings ratio of 98.41, a PEG ratio of 1.32 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The company has a fifty day moving average of $191.08 and a two-hundred day moving average of $192.08.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The business had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 EPS. The company's quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio is 312.38%.

About AbbVie

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.