AbbVie Inc. $ABBV Shares Newly Acquired by StoneRidge PMG Advisors LLC

Key Points

• StoneRidge PMG Advisors opened a new AbbVie position in the third quarter, buying 3,933 shares valued at about $1.03 million. Institutional investors and hedge funds own 70.23% of the stock.
• AbbVie beat quarterly earnings and revenue expectations, reporting adjusted EPS of $3.82 and revenue of $17.4 billion, up 10.3% year over year. The company also raised its quarterly dividend from $1.73 to $1.82 per share.
• Shares recently opened at $291.51, near their 52-week high of $302.93; analysts’ consensus rating is “Moderate Buy,” with an average price target of $297.46. The article notes that sustaining growth as Humira declines remains a key challenge.

StoneRidge PMG Advisors LLC acquired a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,933 shares of the company's stock, valued at approximately $1,029,000.

A number of other large investors also recently added to or reduced their stakes in ABBV. Ranch Capital Advisors Inc. raised its position in shares of AbbVie by 37.0% in the 1st quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company's stock valued at $3,238,000 after acquiring an additional 4,017 shares during the period. Capital Advisors Inc. OK boosted its stake in AbbVie by 11.2% during the 2nd quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company's stock worth $112,516,000 after acquiring an additional 45,132 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab bought a new position in AbbVie during the 2nd quarter worth approximately $23,557,000. State Street Corp grew its holdings in AbbVie by 1.7% during the second quarter. State Street Corp now owns 82,596,748 shares of the company's stock valued at $20,784,646,000 after purchasing an additional 1,379,232 shares during the period. Finally, Wedge Capital Management L L P NC grew its holdings in AbbVie by 7.5% during the second quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company's stock valued at $33,865,000 after purchasing an additional 9,380 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of AbbVie stock opened at $291.51 on Monday. The business's 50 day simple moving average is $271.98 and its 200 day simple moving average is $239.04. AbbVie Inc. has a 52-week low of $190.75 and a 52-week high of $302.93. The firm has a market cap of $515.27 billion, a PE ratio of 50.17, a P/E/G ratio of 1.32 and a beta of 0.20.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, beating the consensus estimate of $3.73 by $0.09. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The firm had revenue of $17.40 billion for the quarter, compared to analysts' expectations of $17.32 billion. During the same quarter in the previous year, the business posted $1.86 EPS. The business's quarterly revenue was up 10.3% compared to the same quarter last year. As a group, equities research analysts predict that AbbVie Inc. will post 13.99 EPS for the current year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from AbbVie's previous quarterly dividend of $1.73. The ex-dividend date is Friday, January 15th. AbbVie's dividend payout ratio is 119.10%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the business's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the sale, the executive vice president owned 74,430 shares of the company's stock, valued at $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.06% of the stock is owned by company insiders.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s third-quarter results beat expectations, with revenue of $17.4 billion, and the company raised its full-year adjusted earnings outlook. The earnings report has strengthened the growth case for the shares. AbbVie stock climbs as Q3 earnings fuel growth case
• Positive Sentiment: A licensing agreement with Nxera Pharma for an EP4 agonist gives AbbVie another potential inflammatory bowel disease treatment candidate. The deal may add to its pipeline as investors assess the durability of its newer growth drivers. Nxera licenses EP4 agonist to AbbVie
• Positive Sentiment: AbbVie recently reached a fresh high following its earnings beat and a dividend increase, while analysts remain broadly optimistic. This supports investor interest in the stock as a defensive healthcare name. AbbVie’s new growth engines face another test
• Negative Sentiment: AbbVie’s shares have already climbed substantially and are near their 52-week high, leaving less room for disappointment. Humira’s decline also means the company must continue demonstrating that newer products can sustain growth. The one thing to settle before buying AbbVie stock

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. BNP Paribas Exane boosted their price target on shares of AbbVie from $218.00 to $247.00 and gave the company a "neutral" rating in a report on Tuesday, August 11th. Erste Group Bank upgraded shares of AbbVie from a "hold" rating to a "buy" rating in a report on Wednesday, August 5th. Piper Sandler boosted their price objective on shares of AbbVie from $298.00 to $303.00 and gave the company an "overweight" rating in a research report on Thursday, August 20th. Wells Fargo & Company upped their target price on shares of AbbVie from $300.00 to $340.00 and gave the stock an "overweight" rating in a research note on Monday, November 2nd. Finally, Argus upped their target price on shares of AbbVie from $250.00 to $270.00 in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and an average target price of $297.46.

AbbVie Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.

Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.

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