B & T Capital Management DBA Alpha Capital Management Boosts Holdings in AbbVie Inc. $ABBV

Key Points

• B & T Capital Management increased its holdings in AbbVie Inc. by 4.4%, owning 28,490 shares valued at approximately $5.29 million as of its latest SEC filing.
• Several institutional investors have also adjusted their positions in AbbVie, with Vanguard Group and Goldman Sachs significantly increasing their stakes during the past quarter.
• Analysts have raised price targets for AbbVie, with Morgan Stanley setting a new objective of $255, indicating positive sentiments towards the company's performance.

B & T Capital Management DBA Alpha Capital Management grew its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 28,490 shares of the company's stock after purchasing an additional 1,213 shares during the quarter. B & T Capital Management DBA Alpha Capital Management's holdings in AbbVie were worth $5,288,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in AbbVie by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock worth $36,439,271,000 after purchasing an additional 845,787 shares during the last quarter. Northern Trust Corp raised its stake in shares of AbbVie by 0.9% during the first 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 last quarter. Goldman Sachs Group Inc. grew its position in AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after buying an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in AbbVie by 5.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock valued at $2,675,959,000 after buying an additional 713,148 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of AbbVie by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company's stock worth $1,972,050,000 after acquiring an additional 45,871 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated 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 transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ABBV shares. Morgan Stanley raised their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Bank of America lifted their price target on AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a research note on Friday, October 3rd. UBS Group set a $251.00 price objective on AbbVie in a research report on Friday, October 3rd. Raymond James Financial restated an "outperform" rating and set a $250.00 target price (up from $236.00) on shares of AbbVie in a research report on Friday, October 17th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $234.80.

AbbVie Trading Down 0.1%

Shares of ABBV stock opened at $228.06 on Friday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company has a market capitalization of $402.87 billion, a price-to-earnings ratio of 108.60, a PEG ratio of 1.44 and a beta of 0.51. The firm has a 50-day moving average price of $220.69 and a 200 day moving average price of $198.94. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

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

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is 312.38%.

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.

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