Allspring Global Investments Holdings LLC Acquires 27,275 Shares of AbbVie Inc. $ABBV

Key Points

• Allspring Global Investments increased its AbbVie stake by 5.9% in the third quarter, adding 27,275 shares and bringing its holdings to 488,725 shares, valued at about $127 million.
• AbbVie reported third-quarter revenue of $17.4 billion, up 10.3% year over year, and earnings of $3.82 per share—both above expectations. The company also raised its full-year adjusted earnings outlook.
• AbbVie raised its quarterly dividend from $1.73 to $1.82 per share. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $297.46.

Allspring Global Investments Holdings LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 5.9% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 488,725 shares of the company's stock after buying an additional 27,275 shares during the period. Allspring Global Investments Holdings LLC's holdings in AbbVie were worth $127,034,000 as of its most recent filing with the SEC.

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

Key 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

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction on Friday, August 14th. The stock was 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 represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Canaccord Genuity Group increased their price objective on shares of AbbVie from $290.00 to $338.00 and gave the company a "buy" rating in a research note on Monday, November 2nd. Cantor Fitzgerald raised their target price on shares of AbbVie from $290.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, November 2nd. Sanford C. Bernstein reaffirmed a "market perform" rating and set a $275.00 target price on shares of AbbVie in a research note on Monday, November 2nd. Weiss Ratings upgraded shares of AbbVie from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Finally, Argus increased their price target on AbbVie from $250.00 to $270.00 in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and an average target price of $297.46.

AbbVie Price Performance

AbbVie stock opened at $291.51 on Monday. The business has a 50 day moving average of $271.98 and a 200-day moving average of $239.04. AbbVie Inc. has a 1 year low of $190.75 and a 1 year high of $302.93. The company has a market capitalization of $515.27 billion, a P/E ratio of 50.17, a P/E/G ratio of 1.32 and a beta of 0.20.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results 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 business had revenue of $17.40 billion for the quarter, compared to the consensus estimate of $17.32 billion. During the same period last year, the company earned $1.86 EPS. The firm's revenue was up 10.3% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post 13.99 EPS for the current year.

AbbVie Increases Dividend

The firm also recently disclosed 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 positive change from AbbVie's previous quarterly dividend of $1.73. This represents a $7.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, January 15th. AbbVie's payout ratio is presently 119.10%.

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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