AbbVie Inc. $ABBV Stock Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management Holding SA reduced its AbbVie stake by 13.3% in the third quarter, selling 121,302 shares; it still held 788,026 shares valued at about $206.1 million.
• AbbVie beat quarterly earnings and revenue expectations, reporting EPS of $3.82 and revenue of $17.4 billion; revenue rose 10.3% year over year.
• The company raised its quarterly dividend from $1.73 to $1.82 per share. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $297.46.

Pictet Asset Management Holding SA cut its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 13.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 788,026 shares of the company's stock after selling 121,302 shares during the quarter. Pictet Asset Management Holding SA's holdings in AbbVie were worth $206,140,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted 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 in the last quarter. Corient Private Wealth LP bought a new position in shares of AbbVie in the second quarter worth approximately $559,736,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted 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 worth $3,590,323,000 after purchasing an additional 106,091 shares during the period. Legal & General Group Plc purchased a new stake in shares of AbbVie in the second quarter worth $2,905,952,000. Finally, Deutsche Bank AG increased 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 purchasing an additional 1,241,587 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $291.51 on Friday. The firm has a market capitalization of $515.27 billion, a PE ratio of 50.17, a PEG ratio of 1.32 and a beta of 0.20. The stock's fifty day moving average is $271.98 and its 200 day moving average is $239.04. AbbVie Inc. has a fifty-two week low of $190.75 and a fifty-two week high of $302.93.

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

AbbVie Increases Dividend

The company also recently announced 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 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 annualized dividend and a dividend yield of 2.5%. AbbVie's dividend payout ratio (DPR) is 125.30%.

Analyst Ratings Changes

Several analysts have recently commented on ABBV shares. Rothschild & Co Redburn raised their price objective on shares of AbbVie from $284.00 to $285.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Canaccord Genuity Group upped their target price on shares of AbbVie from $290.00 to $338.00 and gave the stock a "buy" rating in a report on Monday, November 2nd. Scotiabank increased their price target on AbbVie from $280.00 to $320.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 6th. Royal Bank Of Canada raised their price target on AbbVie from $280.00 to $330.00 and gave the company an "outperform" rating in a report on Monday, November 2nd. Finally, Weiss Ratings upgraded AbbVie from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $297.46.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president directly owned 74,430 shares of the company's stock, valued at approximately $18,607,500. The trade was a 30.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.06% of the company's stock.

More AbbVie News

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

AbbVie Company 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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