Bessemer Group Inc. Has $711.80 Million Stock Position in AbbVie Inc. $ABBV

Key Points

• Bessemer Group Inc. increased its AbbVie stake by 13.1% in the fourth quarter, adding 361,273 shares to hold 3,115,241 shares valued at about $711.8 million. AbbVie now makes up 1.1% of the firm’s holdings and is its 11th largest position.
• Wall Street sentiment on AbbVie remains constructive, with a consensus rating of Moderate Buy and an average price target of $253.10. Recent analyst actions included upgrades/reaffirmations from RBC, Guggenheim, and Morgan Stanley, while UBS trimmed its target and stayed neutral.
• AbbVie recently topped earnings expectations, reporting $2.65 EPS on $15 billion in revenue, both above estimates. The company also announced a quarterly dividend of $1.73 per share, equal to a 3.3% yield.

Bessemer Group Inc. increased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 13.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,115,241 shares of the company's stock after acquiring an additional 361,273 shares during the quarter. AbbVie comprises 1.1% of Bessemer Group Inc.'s holdings, making the stock its 11th largest holding. Bessemer Group Inc. owned about 0.18% of AbbVie worth $711,801,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Eclectic Associates Inc. ADV lifted its stake in shares of AbbVie by 0.8% in the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company's stock worth $1,337,000 after acquiring an additional 45 shares during the period. Weil Company Inc. lifted its stake in shares of AbbVie by 2.3% in the third quarter. Weil Company Inc. now owns 2,026 shares of the company's stock worth $469,000 after acquiring an additional 46 shares during the period. Hardin Capital Partners LLC lifted its stake in shares of AbbVie by 1.4% in the fourth quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company's stock worth $759,000 after acquiring an additional 46 shares during the period. Dogwood Wealth Management LLC lifted its stake in shares of AbbVie by 10.8% in the fourth quarter. Dogwood Wealth Management LLC now owns 473 shares of the company's stock worth $108,000 after acquiring an additional 46 shares during the period. Finally, Inlet Private Wealth LLC lifted its stake in shares of AbbVie by 0.3% in the third quarter. Inlet Private Wealth LLC now owns 17,001 shares of the company's stock worth $3,937,000 after acquiring an additional 47 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of recent analyst reports. Royal Bank Of Canada initiated coverage on AbbVie in a research note on Tuesday, February 24th. They issued an "outperform" rating and a $260.00 price objective on the stock. Guggenheim reaffirmed a "buy" rating and issued a $249.00 price objective on shares of AbbVie in a research note on Friday, May 1st. UBS Group lowered their target price on AbbVie from $240.00 to $230.00 and set a "neutral" rating for the company in a report on Thursday, February 5th. Sanford C. Bernstein reissued a "market perform" rating on shares of AbbVie in a research note on Thursday, February 5th. Finally, Morgan Stanley boosted their price target on AbbVie from $270.00 to $278.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $253.10.

Insider Activity at AbbVie

In other news, SVP David Ryan Purdue sold 5,230 shares of the business's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the completion of the sale, the senior vice president owned 2,654 shares in the company, valued at $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Perry C. Siatis sold 22,381 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $230.00, for a total value of $5,147,630.00. Following the sale, the executive vice president owned 38,137 shares of the company's stock, valued at approximately $8,771,510. This represents a 36.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.06% of the company's stock.

AbbVie Stock Performance

Shares of ABBV opened at $210.95 on Friday. AbbVie Inc. has a 52-week low of $176.57 and a 52-week high of $244.81. The business's 50 day moving average price is $210.78 and its two-hundred day moving average price is $220.17. The firm has a market cap of $372.71 billion, a PE ratio of 103.92, a price-to-earnings-growth ratio of 0.72 and a beta of 0.32.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same period in the previous year, the firm earned $2.46 earnings per share. The company's revenue was up 12.4% compared to the same quarter last year. Research analysts predict that AbbVie Inc. will post 14.32 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Wednesday, April 15th will be issued a dividend of $1.73 per share. The ex-dividend date is Wednesday, April 15th. This represents a $6.92 annualized dividend and a dividend yield of 3.3%. AbbVie's payout ratio is currently 340.89%.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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