AbbVie Inc. $ABBV is Raub Brock Capital Management LP's 10th Largest Position

Key Points

• Raub Brock Capital Management LP reduced its stake in AbbVie Inc. by 3.2%, making it the fund's 10th largest position, now worth approximately $17.5 million.
• Several institutional investors significantly increased their holdings in AbbVie, with Assenagon Asset Management S.A. raising its stake by 550.9% in the second quarter.
• AbbVie announced a quarterly dividend of $1.64 per share, with an ex-dividend date set for October 15th and a current yield of 2.8%.

Raub Brock Capital Management LP lowered its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 94,352 shares of the company's stock after selling 3,127 shares during the period. AbbVie accounts for 3.8% of Raub Brock Capital Management LP's holdings, making the stock its 10th biggest position. Raub Brock Capital Management LP's holdings in AbbVie were worth $17,514,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in ABBV. Nuveen LLC purchased a new position in shares of AbbVie in the first quarter worth $1,819,154,000. Assenagon Asset Management S.A. raised its holdings in shares of AbbVie by 550.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock worth $804,116,000 after buying an additional 3,666,521 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in AbbVie during the second quarter valued at $581,817,000. Finally, Bessemer Group Inc. lifted its position in AbbVie by 147.6% during the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock valued at $576,800,000 after purchasing an additional 1,641,091 shares during the period. 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 the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. UBS Group set a $251.00 target price on shares of AbbVie in a research report on Friday. Weiss Ratings restated a "hold (c)" rating on shares of AbbVie in a research report on Saturday, September 27th. BMO Capital Markets boosted their target price on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Finally, Hsbc Global Res cut shares of AbbVie from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $229.14.

AbbVie Stock Performance

ABBV opened at $233.42 on Wednesday. The firm has a market capitalization of $412.35 billion, a PE ratio of 111.15, a PEG ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The firm's 50-day moving average price is $212.45 and its 200 day moving average price is $196.19. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.65 earnings per share. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's payout ratio is presently 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.

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