Connecticut Wealth Management LLC Has $2.96 Million Stake in AbbVie Inc. $ABBV

Key Points

• Connecticut Wealth Management LLC increased its holdings in AbbVie Inc. by 280.6% in the first quarter, acquiring an additional 10,413 shares, bringing their total to 14,124 shares valued at approximately $2.96 million.
• AbbVie recently announced a quarterly dividend of $1.64, which represents an annualized payment of $6.56 and a dividend yield of 3.1%, although the payout ratio stands at a high 312.38%.
• Despite a revenue increase of 6.6% year-over-year, AbbVie reported earnings of $2.97 EPS, missing analysts' expectations, while institutions own 70.23% of the company's stock.

Connecticut Wealth Management LLC raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 280.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,124 shares of the company's stock after buying an additional 10,413 shares during the period. Connecticut Wealth Management LLC's holdings in AbbVie were worth $2,959,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of AbbVie by 0.5% in the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock valued at $36,439,271,000 after purchasing an additional 845,787 shares in the last quarter. Northern Trust Corp boosted its stake in 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 acquiring an additional 189,294 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of 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 purchasing an additional 3,519,187 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of AbbVie by 18.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company's stock valued at $2,142,832,000 after purchasing an additional 1,882,780 shares during the period. Finally, GAMMA Investing LLC increased its stake in AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $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.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent research reports. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Bank of America upped their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Citigroup increased their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. BNP Paribas raised AbbVie to a "hold" rating in a research report on Thursday, May 8th. Finally, Guggenheim upped their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $214.95.

AbbVie Trading Up 0.6%

ABBV stock traded up $1.23 during mid-day trading on Tuesday, reaching $211.63. 4,216,752 shares of the stock traded hands, compared to its average volume of 6,554,623. 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 Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The stock's fifty day moving average is $195.58 and its 200-day moving average is $193.66. The company has a market cap of $373.86 billion, a P/E ratio of 100.78, a P/E/G ratio of 1.35 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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 net margin of 6.45% and a return on equity of 699.66%. The company's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned $2.65 EPS. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. AbbVie's payout ratio is presently 312.38%.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction on 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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

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.