Resona Asset Management Co. Ltd. Buys 42,266 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in AbbVie by 7.7%, holding 588,822 shares worth approximately $122.97 million as of the latest filing.
• AbbVie reported $2.97 earnings per share for the last quarter, which was below the consensus estimate of $3.24, despite a year-over-year revenue increase of 6.6% to $15.42 billion.
• The company announced a quarterly dividend of $1.64 per share, translating to an annualized yield of 3.3%, with a payout ratio of 312.38%.

Resona Asset Management Co. Ltd. grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 7.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 588,822 shares of the company's stock after purchasing an additional 42,266 shares during the period. AbbVie comprises about 0.7% of Resona Asset Management Co. Ltd.'s investment portfolio, making the stock its 22nd biggest holding. Resona Asset Management Co. Ltd.'s holdings in AbbVie were worth $122,970,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of ABBV. Abound Financial LLC purchased a new position in shares of AbbVie in the 1st quarter worth $30,000. Siemens Fonds Invest GmbH boosted its stake in shares of AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie in the 1st quarter worth $35,000. Pinney & Scofield Inc. purchased a new position in shares of AbbVie in the 4th quarter worth $36,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of AbbVie in the 1st quarter worth $42,000. Institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

ABBV traded up $3.31 on Thursday, hitting $204.78. 4,630,246 shares of the company's stock traded hands, compared to its average volume of 6,725,083. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company's 50 day simple moving average is $190.39 and its 200-day simple moving average is $191.67. The firm has a market cap of $361.75 billion, a price-to-earnings ratio of 97.51, a P/E/G ratio of 1.28 and a beta of 0.50.

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

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's payout ratio is presently 312.38%.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ABBV. Cantor Fitzgerald began coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target on the stock. Piper Sandler assumed coverage on AbbVie in a research note on Tuesday. They issued an "overweight" rating and a $231.00 price target on the stock. BNP Paribas upgraded AbbVie to a "hold" rating in a research report on Thursday, May 8th. Raymond James Financial lifted their target price on AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Bank of America lifted their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Six analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Profile

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.