AbbVie Inc. $ABBV Stock Bought by Alta Advisers Ltd

Key Points

• Alta Advisers increased its AbbVie stake by 88.4% in the third quarter, adding 5,980 shares to hold 12,745 shares valued at about $3.33 million.
• AbbVie reported third-quarter revenue of $17.4 billion and adjusted EPS of $3.82, beating analyst estimates; revenue rose 10.3% year over year, and the company raised its full-year adjusted earnings guidance.
• AbbVie raised its quarterly dividend from $1.73 to $1.82 per share, equivalent to $7.28 annually and a stated yield of 2.5%.

Alta Advisers Ltd boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 88.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,745 shares of the company's stock after purchasing an additional 5,980 shares during the quarter. AbbVie makes up 0.5% of Alta Advisers Ltd's holdings, making the stock its 27th largest position. Alta Advisers Ltd's holdings in AbbVie were worth $3,334,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ABBV. State Street Corp increased its stake in AbbVie by 1.7% during the 2nd quarter. State Street Corp now owns 82,596,748 shares of the company's stock worth $20,784,646,000 after buying an additional 1,379,232 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of AbbVie by 0.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,267,697 shares of the company's stock valued at $3,590,323,000 after acquiring an additional 106,091 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of AbbVie in the second quarter valued at approximately $2,905,952,000. Deutsche Bank AG boosted its stake in shares of AbbVie by 13.0% in the second quarter. Deutsche Bank AG now owns 10,772,949 shares of the company's stock worth $2,710,905,000 after acquiring an additional 1,241,587 shares during the last quarter. Finally, Amundi boosted its stake in shares of AbbVie by 2.4% in the first quarter. Amundi now owns 10,698,095 shares of the company's stock worth $2,326,728,000 after acquiring an additional 247,689 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Strong results and outlook: AbbVie reported $17.4 billion in third-quarter revenue and raised its full-year adjusted earnings guidance, reinforcing its growth case. The results helped lift shares recently. Article: AbbVie Stock Climbs as Q3 Earnings Fuel Growth Case
• Positive Sentiment: Pipeline expansion: AbbVie licensed global rights to Nxera Pharma’s experimental oral IBD drug NXE0033744, agreeing to pay $100 million upfront and up to $1.37 billion in development and commercial milestones, plus royalties. The deal adds a potential new treatment to its pipeline, though it remains investigational. Article: AbbVie Pens $1.4B Deal for Deprioritized IBD Drug from Nxera
• Positive Sentiment: Constructive investor sentiment: Recent coverage highlights analyst optimism and AbbVie’s defensive appeal as technology stocks retreat; the company has also recently reached a new 52-week high. These factors may support demand, but can also leave the stock vulnerable to a pullback after a strong advance. Article: Are Wall Street Analysts Bullish on AbbVie Stock?
• Neutral Sentiment: Additional R&D investment: AbbVie plans to invest £120 million to expand its Oxford research facility, supporting longer-term drug development but requiring time to translate into commercial returns. Article: AbbVie Invests £120m in UK Expansion
• Negative Sentiment: Oncology setback: AbbVie discontinued a Phase 2 solid-tumor drug program after seeing limited benefit, a reminder that clinical development carries risk and may weigh on expectations for its pipeline. Article: AbbVie Abandons Phase 2 Solid Tumor Drug Over Limited Benefit

AbbVie Stock Performance

Shares of AbbVie stock opened at $288.48 on Friday. The business's 50 day moving average price is $271.31 and its 200 day moving average price is $238.65. The company has a market cap of $509.91 billion, a price-to-earnings ratio of 22.98, a PEG ratio of 1.34 and a beta of 0.20. 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 earnings results on Friday, October 30th. The company reported $3.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.73 by $0.09. The company had revenue of $17.40 billion during the quarter, compared to analysts' expectations of $17.32 billion. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The firm's quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.86 EPS. On average, analysts predict that AbbVie Inc. will post 13.99 EPS for the current fiscal year.

AbbVie Increases Dividend

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

Insider Activity at AbbVie

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

Analyst Ratings Changes

ABBV has been the subject of several recent research reports. HSBC increased their price objective on AbbVie from $300.00 to $315.00 and gave the company a "buy" rating in a research note on Thursday, September 10th. Erste Group Bank raised shares of AbbVie from a "hold" rating to a "buy" rating in a research note on Wednesday, August 5th. UBS Group upped their target price on shares of AbbVie from $275.00 to $295.00 and gave the stock a "neutral" rating in a report on Monday. The Goldman Sachs Group increased their target price on shares of AbbVie from $258.00 to $294.00 and gave the company a "neutral" rating in a research report on Friday, October 23rd. Finally, Wells Fargo & Company raised their price target on shares of AbbVie from $300.00 to $340.00 and gave the stock an "overweight" rating in a research note on Monday. 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 company's stock. According to MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and an average target price of $297.46.

About AbbVie

AbbVie Inc NYSE: ABBV is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company's key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.

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