BTC Capital Management Inc. Has $12.72 Million Holdings in AbbVie Inc. $ABBV

Key Points

• BTC Capital Management Inc. has increased its holdings in AbbVie Inc. by 11.1%, acquiring an additional 6,918 shares during the 2nd quarter, bringing their total to 69,000 shares worth approximately $12.7 million.
• AbbVie's quarterly earnings report showed an EPS of $2.97, which missed the consensus estimate of $3.24, although their revenue of $15.42 billion exceeded expectations.
• AbbVie has declared a quarterly dividend of $1.64, which will be paid on November 14th, resulting in an annualized dividend yield of 3.0%.

BTC Capital Management Inc. raised its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 11.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 69,000 shares of the company's stock after acquiring an additional 6,918 shares during the quarter. AbbVie makes up 1.0% of BTC Capital Management Inc.'s investment portfolio, making the stock its 25th biggest holding. BTC Capital Management Inc.'s holdings in AbbVie were worth $12,717,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of AbbVie by 0.5% during 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 last quarter. Northern Trust Corp boosted its position 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 valued at $4,612,357,000 after purchasing an additional 189,294 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in AbbVie by 31.6% during the first 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of AbbVie by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock worth $2,675,959,000 after purchasing an additional 713,148 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake 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 acquiring an additional 10,195,284 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was 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 disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

AbbVie Price Performance

ABBV stock traded up $0.30 during mid-day trading on Friday, hitting $222.29. 14,371,957 shares of the stock were exchanged, compared to its average volume of 4,689,837. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The business has a fifty day moving average price of $203.12 and a 200 day moving average price of $194.78. The stock has a market capitalization of $392.69 billion, a price-to-earnings ratio of 105.85, a PEG ratio of 1.33 and a beta of 0.53. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $223.49.

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 business had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.65 earnings per share. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent research reports. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and lifted their target price for the stock from $170.00 to $270.00 in a report on Wednesday. Citigroup lifted their target price on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. JPMorgan Chase & Co. boosted their price target on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Finally, BMO Capital Markets raised their price objective on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $222.68.

AbbVie 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.