AbbVie Inc. $ABBV Shares Acquired by ICONIQ Capital LLC

Key Points

• ICONIQ Capital LLC increased its holdings in AbbVie Inc. by 32.8% in the first quarter, owning a total of 8,150 shares worth approximately $1.7 million.
• AbbVie reported a net margin of 6.45% on revenue of $15.42 billion for the last quarter, which was above analysts' expectations but earnings per share missed estimates.
• The company recently declared a quarterly dividend of $1.64, representing a 3.1% annual yield, albeit with a payout ratio of 312.38%.

ICONIQ Capital LLC grew its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 32.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,150 shares of the company's stock after buying an additional 2,014 shares during the quarter. ICONIQ Capital LLC's holdings in AbbVie were worth $1,708,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Campbell & CO Investment Adviser LLC acquired a new stake in shares of AbbVie in the first quarter valued at $7,247,000. Southeast Asset Advisors LLC grew its stake in shares of AbbVie by 18.0% in the first quarter. Southeast Asset Advisors LLC now owns 15,322 shares of the company's stock valued at $3,210,000 after buying an additional 2,339 shares in the last quarter. Cadence Bank grew its stake in shares of AbbVie by 1.0% in the first quarter. Cadence Bank now owns 102,353 shares of the company's stock valued at $21,445,000 after buying an additional 1,063 shares in the last quarter. APG Asset Management N.V. grew its stake in shares of AbbVie by 2.2% in the first quarter. APG Asset Management N.V. now owns 1,807,219 shares of the company's stock valued at $350,536,000 after buying an additional 38,372 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in shares of AbbVie by 10.5% in the first quarter. Smartleaf Asset Management LLC now owns 25,096 shares of the company's stock valued at $5,152,000 after buying an additional 2,378 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Stock Up 0.4%

Shares of NYSE ABBV opened at $210.2840 on Friday. The company has a market capitalization of $371.48 billion, a price-to-earnings ratio of 100.14, a price-to-earnings-growth ratio of 1.35 and a beta of 0.50. 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 business has a 50-day moving average of $192.84 and a two-hundred day moving average of $192.96. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's payout ratio is presently 312.38%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ABBV shares. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research note on Thursday, August 7th. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Bank of America lifted their target price on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Five equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and an average target price of $214.95.

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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