Candriam S.C.A. Sells 268,956 Shares of AbbVie Inc. $ABBV

Key Points

• Candriam S.C.A. cut its AbbVie stake by 23.1% in the third quarter, selling 268,956 shares. It retained 895,789 shares, valued at about $235.2 million.
• AbbVie’s third-quarter results topped estimates, with adjusted EPS of $3.82 and revenue of $17.4 billion, up 10.3% year over year. The company also raised its full-year earnings outlook and increased its quarterly dividend from $1.73 to $1.82 per share.
• Analysts remain broadly positive, with a “Moderate Buy” consensus rating and an average price target of $297.46. The article notes shares are near their 52-week high, while investors are watching whether newer products can offset Humira’s decline.

Candriam S.C.A. lowered its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 23.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 895,789 shares of the company's stock after selling 268,956 shares during the period. AbbVie accounts for approximately 1.1% of Candriam S.C.A.'s portfolio, making the stock its 17th largest position. Candriam S.C.A. owned 0.05% of AbbVie worth $235,186,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its stake in AbbVie by 1.7% during the second quarter. State Street Corp now owns 82,596,748 shares of the company's stock worth $20,784,646,000 after buying an additional 1,379,232 shares during the last quarter. Corient Private Wealth LP acquired a new position in AbbVie in the second quarter valued at $559,736,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in AbbVie by 0.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,267,697 shares of the company's stock valued at $3,590,323,000 after buying an additional 106,091 shares during the period. Legal & General Group Plc acquired a new stake in AbbVie during the 2nd quarter worth about $2,905,952,000. Finally, Deutsche Bank AG raised its position in shares of AbbVie by 13.0% in the 2nd quarter. Deutsche Bank AG now owns 10,772,949 shares of the company's stock worth $2,710,905,000 after acquiring an additional 1,241,587 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total value of $8,177,500.00. Following the transaction, the executive vice president directly owned 74,430 shares in the company, valued at $18,607,500. This trade represents a 30.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ABBV has been the topic of several research analyst reports. BMO Capital Markets set a $315.00 target price on AbbVie in a research report on Wednesday. Oppenheimer raised their target price on AbbVie from $244.00 to $258.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Barclays lifted their target price on AbbVie from $300.00 to $325.00 and gave the stock an "overweight" rating in a report on Wednesday, October 21st. Rothschild & Co Redburn boosted their price target on AbbVie from $284.00 to $285.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Finally, Morgan Stanley increased their price target on AbbVie from $310.00 to $346.00 and gave the stock an "overweight" rating in a report on Monday, November 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $297.46.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s third-quarter results beat expectations, with revenue of $17.4 billion, and the company raised its full-year adjusted earnings outlook. The earnings report has strengthened the growth case for the shares. AbbVie stock climbs as Q3 earnings fuel growth case
• Positive Sentiment: A licensing agreement with Nxera Pharma for an EP4 agonist gives AbbVie another potential inflammatory bowel disease treatment candidate. The deal may add to its pipeline as investors assess the durability of its newer growth drivers. Nxera licenses EP4 agonist to AbbVie
• Positive Sentiment: AbbVie recently reached a fresh high following its earnings beat and a dividend increase, while analysts remain broadly optimistic. This supports investor interest in the stock as a defensive healthcare name. AbbVie’s new growth engines face another test
• Negative Sentiment: AbbVie’s shares have already climbed substantially and are near their 52-week high, leaving less room for disappointment. Humira’s decline also means the company must continue demonstrating that newer products can sustain growth. The one thing to settle before buying AbbVie stock

AbbVie Trading Up 1.1%

Shares of NYSE ABBV opened at $291.51 on Friday. The firm has a market capitalization of $515.27 billion, a P/E ratio of 50.17, a P/E/G ratio of 1.32 and a beta of 0.20. The firm's 50-day moving average price is $271.98 and its 200-day moving average price is $239.04. AbbVie Inc. has a 1-year low of $190.75 and a 1-year high of $302.93.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, beating the consensus estimate of $3.73 by $0.09. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The company had revenue of $17.40 billion during the quarter, compared to the consensus estimate of $17.32 billion. During the same period last year, the business posted $1.86 EPS. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. Equities research analysts forecast that AbbVie Inc. will post 13.99 EPS for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, January 15th. This is a positive change from AbbVie's previous quarterly dividend of $1.73. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.5%. AbbVie's payout ratio is currently 125.30%.

AbbVie Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.

Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.

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