AbbVie Inc. $ABBV Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in AbbVie Inc. by 12.0% during the 2nd quarter, now owning 798,259 shares valued at $148.17 million.
• AbbVie reported a quarterly EPS of $2.97, below analyst expectations, but achieved a revenue of $15.42 billion, exceeding forecasts.
• The company announced a quarterly dividend of $1.64 per share, with a dividend yield of 2.8%, to be paid on November 14th.

Mirae Asset Global Investments Co. Ltd. grew its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 12.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 798,259 shares of the company's stock after acquiring an additional 85,260 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in AbbVie were worth $148,173,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Brighton Jones LLC raised its stake in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Apella Capital LLC raised its stake in shares of AbbVie by 9.4% during the first quarter. Apella Capital LLC now owns 8,827 shares of the company's stock worth $1,849,000 after purchasing an additional 756 shares during the last quarter. Matrix Trust Co raised its stake in shares of AbbVie by 0.6% during the first quarter. Matrix Trust Co now owns 13,923 shares of the company's stock worth $2,917,000 after purchasing an additional 84 shares during the last quarter. Finally, Warren Street Wealth Advisors LLC raised its stake in shares of AbbVie by 15.4% during the first quarter. Warren Street Wealth Advisors LLC now owns 3,513 shares of the company's stock worth $736,000 after purchasing an additional 469 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Trading Down 3.0%

Shares of ABBV stock opened at $236.98 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The stock has a market cap of $418.63 billion, a P/E ratio of 112.85, a P/E/G ratio of 1.43 and a beta of 0.51. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The business has a fifty day simple moving average of $209.90 and a 200-day simple moving average of $195.87.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction 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 owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ABBV has been the subject of several analyst reports. Evercore ISI upped their price target on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Guggenheim increased their price objective on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Morgan Stanley increased their price objective on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Wells Fargo & Company increased their price objective on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, September 12th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $223.52.

AbbVie 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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