Ameriprise Financial Inc. Has $2.60 Billion Position in AbbVie Inc. $ABBV

Key Points

• Ameriprise Financial Inc. has reduced its holdings in AbbVie by 4.9%, now owning 12,395,341 shares valued at approximately $2.60 billion, making AbbVie its 16th largest holding.
• AbbVie has received multiple price rating changes, with Citigroup setting a target of $205.00 while Guggenheim increased theirs to $227.00, reflecting diverse analyst assessments.
• The company reported quarterly earnings of $2.97 per share, falling short of expectations but showing a 6.6% year-over-year revenue increase to $15.42 billion.

Ameriprise Financial Inc. reduced its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,395,341 shares of the company's stock after selling 635,327 shares during the period. AbbVie accounts for about 0.7% of Ameriprise Financial Inc.'s portfolio, making the stock its 16th largest holding. Ameriprise Financial Inc. owned about 0.70% of AbbVie worth $2,597,769,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new stake in AbbVie in the 1st quarter valued at $30,000. Siemens Fonds Invest GmbH grew its position 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 valued at $32,000 after acquiring an additional 119,141 shares during the period. Cypress Capital Management LLC WY bought a new position in shares of AbbVie in the 1st quarter valued at about $35,000. Pinney & Scofield Inc. bought a new position in shares of AbbVie in the 4th quarter valued at about $36,000. Finally, Inlight Wealth Management LLC bought a new position in shares of AbbVie in the 1st quarter valued at about $42,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Citigroup lifted their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. BNP Paribas raised shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Guggenheim lifted their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Evercore ISI lifted their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus price target of $214.95.

AbbVie Trading Up 1.2%

Shares of ABBV stock opened at $208.7240 on Thursday. 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 stock has a market cap of $368.72 billion, a P/E ratio of 99.39, a price-to-earnings-growth ratio of 1.32 and a beta of 0.50. The stock has a 50 day simple moving average of $192.10 and a 200 day simple moving average of $192.68. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66.

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

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Tuesday, July 15th. AbbVie's payout ratio is 312.38%.

Insider Activity 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 value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

About AbbVie

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.

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