AbbVie Inc. $ABBV Stock Bought by AlphaCore Capital LLC

Key Points

• AlphaCore Capital increased its AbbVie stake by 11.2% in the third quarter, adding 5,092 shares and ending the period with 50,568 shares valued at about $13.2 million. Institutional investors own 70.23% of the stock.
• AbbVie beat quarterly earnings and revenue estimates, reporting EPS of $3.82 and revenue of $17.40 billion; revenue rose 10.3% year over year. The company also raised its quarterly dividend from $1.73 to $1.82 per share.
• Several analysts raised their price targets, and the stock has a “Moderate Buy” consensus rating with an average target of $297.46.

AlphaCore Capital LLC grew its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 11.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,568 shares of the company's stock after acquiring an additional 5,092 shares during the period. AlphaCore Capital LLC's holdings in AbbVie were worth $13,228,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Corient Private Wealth LP bought a new stake in shares of AbbVie in the second quarter valued at about $559,736,000. Legal & General Group Plc bought a new position in AbbVie during the 2nd quarter worth about $2,905,952,000. Jupiter Topco LLC bought a new position in AbbVie during the 2nd quarter worth about $1,560,354,000. Canada Pension Plan Investment Board purchased a new position in AbbVie during the 2nd quarter valued at about $817,473,000. Finally, The Manufacturers Life Insurance Company purchased a new position in AbbVie during the 2nd quarter valued at about $655,268,000. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 74,430 shares in the company, valued at $18,607,500. This trade represents a 30.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is owned by company insiders.

AbbVie Stock Performance

ABBV stock opened at $292.87 on Tuesday. The firm has a market cap of $517.69 billion, a price-to-earnings ratio of 50.41, a PEG ratio of 1.34 and a beta of 0.20. The firm has a 50-day simple moving average of $272.71 and a two-hundred day simple moving average of $239.42. AbbVie Inc. has a one year low of $190.75 and a one year high of $302.93.

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

AbbVie Increases Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on ABBV shares. Wells Fargo & Company boosted their price target on shares of AbbVie from $300.00 to $340.00 and gave the company an "overweight" rating in a report on Monday, November 2nd. Wolfe Research upgraded shares of AbbVie from a "peer perform" rating to an "outperform" rating and increased their price objective for the company from $235.00 to $300.00 in a research note on Thursday, August 13th. Leerink Partners lifted their price objective on shares of AbbVie from $309.00 to $342.00 and gave the company an "outperform" rating in a report on Monday, November 2nd. Canaccord Genuity Group lifted their price objective on shares of AbbVie from $290.00 to $338.00 and gave the company a "buy" rating in a report on Monday, November 2nd. Finally, The Goldman Sachs Group boosted their price objective on shares of AbbVie from $258.00 to $294.00 and gave the stock a "neutral" rating in a research note on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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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