AbbVie Inc. $ABBV Shares Bought by OFI Invest Asset Management

Key Points

• OFI Invest Asset Management increased its stake in AbbVie Inc. by 1,796.3% during the second quarter, acquiring a total of 140,042 shares valued at approximately $25.99 million.
• Several institutional investors have recently adjusted their holdings in AbbVie, with a combined 70.23% of the company's stock owned by these entities.
• AbbVie is set to pay a quarterly dividend of $1.64 on November 14th, resulting in an annualized yield of 2.8%.

OFI Invest Asset Management lifted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 1,796.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 140,042 shares of the company's stock after purchasing an additional 132,657 shares during the period. OFI Invest Asset Management's holdings in AbbVie were worth $25,995,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FF Advisors LLC grew its holdings in shares of AbbVie by 3.6% during the second quarter. FF Advisors LLC now owns 1,539 shares of the company's stock worth $286,000 after buying an additional 53 shares in the last quarter. Private Management Group Inc. grew its holdings in shares of AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after buying an additional 54 shares in the last quarter. LifeSteps Financial Inc. grew its holdings in shares of AbbVie by 0.7% during the second quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company's stock worth $1,366,000 after buying an additional 54 shares in the last quarter. Silicon Valley Capital Partners grew its holdings in shares of AbbVie by 10.8% during the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock worth $118,000 after buying an additional 56 shares in the last quarter. Finally, Seneca House Advisors grew its holdings in shares of AbbVie by 2.7% during the second quarter. Seneca House Advisors now owns 2,093 shares of the company's stock worth $388,000 after buying an additional 56 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Transactions at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was 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 in the company, valued at $35,178,278.64. This trade represents a 19.29% 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 the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm'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 transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ABBV. Bank of America boosted their target price on shares of AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a report on Friday, October 3rd. BMO Capital Markets lifted their price target 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. Cantor Fitzgerald set a $250.00 price target on shares of AbbVie and gave the company an "overweight" rating in a research report on Thursday. Berenberg Bank raised shares of AbbVie from a "hold" rating to a "buy" rating and boosted their target price for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. Finally, Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $231.90.

AbbVie Trading Up 0.1%

Shares of ABBV stock opened at $230.88 on Friday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. 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 company has a market cap of $407.86 billion, a PE ratio of 109.94, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. The business's 50 day moving average is $214.84 and its two-hundred day moving average is $196.76.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the business earned $2.65 earnings per share. Equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

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