CreativeOne Wealth LLC Raises Stock Position in AbbVie Inc. $ABBV

Key Points

• CreativeOne Wealth LLC increased its holdings in AbbVie Inc. by 4.2%, now owning 42,217 shares valued at $8.84 million after acquiring additional shares during the first quarter.
• Institutional investors collectively own 70.23% of AbbVie's stock, with various firms increasing their stakes significantly in the previous quarter.
• AbbVie reported $2.97 EPS for the last quarter, missing estimates, but its revenue grew by 6.6% year over year, reaching $15.42 billion.

CreativeOne Wealth LLC increased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,217 shares of the company's stock after acquiring an additional 1,712 shares during the period. CreativeOne Wealth LLC's holdings in AbbVie were worth $8,845,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Crestline Management LP boosted its stake in AbbVie by 438.4% during the fourth quarter. Crestline Management LP now owns 35,311 shares of the company's stock worth $6,275,000 after acquiring an additional 28,753 shares in the last quarter. Narus Financial Partners LLC boosted its stake in AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after acquiring an additional 401 shares in the last quarter. AXA S.A. boosted its stake in AbbVie by 14.8% during the fourth quarter. AXA S.A. now owns 971,893 shares of the company's stock worth $172,705,000 after acquiring an additional 125,568 shares in the last quarter. Highland Capital Management LLC boosted its stake in AbbVie by 6.3% during the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after acquiring an additional 2,792 shares in the last quarter. Finally, Weaver Capital Management LLC boosted its stake in AbbVie by 3.9% during the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after acquiring an additional 310 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on 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 completion of the transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ABBV. Citigroup upped their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Guggenheim upped their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a research note on Thursday, August 7th. Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Finally, Morgan Stanley upped their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Stock Performance

AbbVie stock traded down $0.15 during midday trading on Thursday, reaching $207.91. 4,522,475 shares of the company traded hands, compared to its average volume of 4,901,364. The firm has a market capitalization of $367.28 billion, a price-to-earnings ratio of 99.00, a price-to-earnings-growth ratio of 1.34 and a beta of 0.50. The business has a 50 day moving average of $194.55 and a two-hundred day moving average of $193.41. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the prior year, the company posted $2.65 earnings per share. The firm's quarterly revenue was up 6.6% on a year-over-year basis. As a group, research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

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.