AbbVie Inc. $ABBV Shares Acquired by Atalanta Sosnoff Capital LLC

Key Points

• Atalanta Sosnoff Capital LLC increased its holdings in AbbVie Inc. by 2.6%, now owning a total of 414,761 shares valued at approximately $86.9 million.
• AbbVie has received various ratings changes from analysts, with a consensus outlook of "Moderate Buy" and an average price target of $214.95.
• AbbVie recently declared a quarterly dividend of $1.64 per share, resulting in an annualized yield of 3.1%.

Atalanta Sosnoff Capital LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 414,761 shares of the company's stock after purchasing an additional 10,363 shares during the period. AbbVie accounts for about 2.1% of Atalanta Sosnoff Capital LLC's holdings, making the stock its 17th biggest holding. Atalanta Sosnoff Capital LLC's holdings in AbbVie were worth $86,901,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of ABBV. Vanguard Group Inc. grew its position in AbbVie by 0.5% in the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock worth $36,439,271,000 after acquiring an additional 845,787 shares during the period. Northern Trust Corp grew its holdings in shares of AbbVie by 0.9% during the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock worth $4,612,357,000 after purchasing an additional 189,294 shares during the period. Goldman Sachs Group Inc. increased its position in shares of AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in AbbVie by 18.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company's stock valued at $2,142,832,000 after buying an additional 1,882,780 shares during the period. Finally, GAMMA Investing LLC lifted its position in AbbVie by 25,841.6% in the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after buying an additional 10,195,284 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm'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 sale, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

AbbVie Stock Down 0.3%

NYSE ABBV traded down $0.66 on Friday, hitting $212.34. 4,465,366 shares of the stock were exchanged, compared to its average volume of 4,155,747. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The company has a 50-day moving average price of $197.74 and a 200-day moving average price of $194.15. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a market cap of $375.11 billion, a PE ratio of 101.11, a PEG ratio of 1.37 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the firm posted $2.65 EPS. The business's revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ABBV. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Morgan Stanley increased their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Piper Sandler began coverage on AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Guggenheim raised their price target on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Bank of America lifted their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $214.95.

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.