1,594 Shares in AbbVie Inc. (NYSE:ABBV) Acquired by Caitong International Asset Management Co. Ltd

Key Points

• Caitong International Asset Management Co. Ltd acquired 1,594 shares in AbbVie Inc., valued at approximately $334,000, as part of their investment strategy in the first quarter.
• Institutional investors, including GAMMA Investing LLC and Goldman Sachs Group Inc., have significantly increased their stakes in AbbVie, highlighting strong investor confidence in the company's prospects, with hedge funds owning 70.23% of the stock.
• AbbVie recently declared a quarterly dividend of $1.64 per share, resulting in an annualized dividend of $6.56, which corresponds to a 3.3% dividend yield.

Caitong International Asset Management Co. Ltd bought a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,594 shares of the company's stock, valued at approximately $334,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its position in shares of 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 buying an additional 10,195,284 shares during the period. Nuveen LLC acquired a new stake in AbbVie during the first quarter worth approximately $1,819,154,000. Goldman Sachs Group Inc. boosted its holdings in shares of AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after acquiring an additional 3,519,187 shares in the last quarter. Northern Trust Corp raised its position in shares of AbbVie by 11.8% in the 4th quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock worth $3,878,236,000 after acquiring an additional 2,299,645 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of AbbVie by 27.4% in the 4th quarter. Deutsche Bank AG now owns 9,769,102 shares of the company's stock worth $1,735,969,000 after buying an additional 2,102,273 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Activity

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company's 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Citigroup increased their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Morgan Stanley lifted their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a report on Thursday, August 7th. Finally, Evercore ISI increased their target price on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Stock Performance

NYSE:ABBV opened at $198.56 on Wednesday. The firm has a market cap of $350.77 billion, a PE ratio of 94.55, a price-to-earnings-growth ratio of 1.28 and a beta of 0.50. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. 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 business has a 50 day moving average price of $190.11 and a 200-day moving average price of $191.60.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.65 earnings per share. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

AbbVie Company Profile

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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