AbbVie Inc. (NYSE:ABBV) Shares Bought by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in AbbVie Inc. by 31.6%, now holding 14,646,908 shares, marking it as the 25th biggest holding in their investment portfolio.
• AbbVie reported earnings of $2.97 per share, which was $0.27 below analysts' expectations, despite a revenue increase of 6.6% year-over-year.
• The company recently declared a quarterly dividend of $1.64 per share, with an annualized yield of 3.3% and a payout ratio of 312.38%.

Goldman Sachs Group Inc. boosted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 31.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,646,908 shares of the company's stock after buying an additional 3,519,187 shares during the quarter. AbbVie makes up approximately 0.5% of Goldman Sachs Group Inc.'s portfolio, making the stock its 25th largest holding. Goldman Sachs Group Inc. owned approximately 0.83% of AbbVie worth $3,068,820,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Planning Alternatives Ltd. ADV grew its position in shares of AbbVie by 63.5% in the first quarter. Planning Alternatives Ltd. ADV now owns 1,962 shares of the company's stock valued at $411,000 after purchasing an additional 762 shares in the last quarter. MGB Wealth Management LLC boosted its stake in AbbVie by 1.4% during the first quarter. MGB Wealth Management LLC now owns 13,834 shares of the company's stock worth $2,878,000 after buying an additional 196 shares during the last quarter. Intrust Bank NA grew its holdings in AbbVie by 3.9% in the 1st quarter. Intrust Bank NA now owns 24,039 shares of the company's stock valued at $5,037,000 after buying an additional 912 shares in the last quarter. Endowment Wealth Management Inc. increased its stake in shares of AbbVie by 9.5% in the 1st quarter. Endowment Wealth Management Inc. now owns 2,506 shares of the company's stock worth $525,000 after acquiring an additional 218 shares during the last quarter. Finally, ABC Arbitrage SA acquired a new stake in shares of AbbVie in the 1st quarter worth $1,600,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Guggenheim boosted their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a report on Thursday. Raymond James Financial lifted their price target on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, BNP Paribas upgraded AbbVie to a "hold" rating in a research report on Thursday, May 8th. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $214.43.

AbbVie Stock Up 1.3%

AbbVie stock traded up $2.47 during trading on Thursday, reaching $198.77. The stock had a trading volume of 4,683,300 shares, compared to its average volume of 5,278,528. The company has a quick ratio of 0.64, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The stock has a market cap of $351.13 billion, a PE ratio of 94.65, a P/E/G ratio of 1.26 and a beta of 0.50. The business has a 50 day moving average price of $189.13 and a 200 day moving average price of $190.69.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data 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). The firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the firm posted $2.65 earnings per share. On average, analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

Insider Buying and Selling at AbbVie

In related 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 completion of the sale, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.25% of the company's stock.

AbbVie Company 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.