Cardano Risk Management B.V. Grows Holdings in AbbVie Inc. $ABBV

Key Points

• Cardano Risk Management B.V. has increased its holdings in AbbVie Inc. by 6.1%, now owning 524,041 shares worth approximately $97.27 million.
• Several institutional investors have also increased their stakes in AbbVie, with TD Capital Management boosting their position by 82.9%.
• AbbVie recently announced a quarterly dividend of $1.64 per share, set to be paid on November 14th, representing an annualized yield of 2.8%.

Cardano Risk Management B.V. increased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 6.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 524,041 shares of the company's stock after buying an additional 30,204 shares during the period. AbbVie comprises approximately 1.2% of Cardano Risk Management B.V.'s holdings, making the stock its 25th biggest holding. Cardano Risk Management B.V.'s holdings in AbbVie were worth $97,272,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TD Capital Management LLC increased its position in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie in the 2nd quarter worth about $25,000. Abound Financial LLC bought a new stake in shares of AbbVie in the 1st quarter worth about $30,000. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie in the 1st quarter worth about $35,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie in the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets boosted their target price on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Berenberg Bank raised shares of AbbVie from a "hold" rating to a "buy" rating and boosted their target price for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. Morgan Stanley boosted 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. HSBC set a $225.00 price objective on shares of AbbVie in a research report on Thursday, October 2nd. Finally, Guggenheim boosted their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $229.38.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company'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 value 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 legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

AbbVie Trading Down 0.1%

AbbVie stock opened at $231.03 on Friday. 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 firm has a 50-day moving average price of $214.12 and a two-hundred day moving average price of $196.58. The firm has a market capitalization of $408.13 billion, a price-to-earnings ratio of 110.01, a PEG ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for 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 company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.65 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is presently 312.38%.

About AbbVie

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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