Cyndeo Wealth Partners LLC Grows Stake in AbbVie Inc. $ABBV

Key Points

• Cyndeo Wealth Partners LLC increased its stake in AbbVie Inc. by 1.2%, now owning 131,234 shares worth approximately $24.36 million, making it the 8th largest holding in their portfolio.
• Several institutional investors have significantly increased their stakes in AbbVie, including Nuveen LLC with a new stake of $1.82 billion and Assenagon Asset Management S.A. whose stake grew by 550.9%.
• AbbVie reported a missed earnings estimate for the last quarter, posting EPS of $2.97 against the expected $3.24, despite a 6.6% increase in revenue compared to the previous year.

Cyndeo Wealth Partners LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 131,234 shares of the company's stock after acquiring an additional 1,536 shares during the period. AbbVie comprises approximately 1.4% of Cyndeo Wealth Partners LLC's investment portfolio, making the stock its 8th largest holding. Cyndeo Wealth Partners LLC's holdings in AbbVie were worth $24,360,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Nuveen LLC bought a new stake in AbbVie in the first quarter valued at approximately $1,819,154,000. Assenagon Asset Management S.A. raised its stake in AbbVie by 550.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock valued at $804,116,000 after buying an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. raised its stake in AbbVie by 31.6% in 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 during the period. Kingstone Capital Partners Texas LLC bought a new stake in AbbVie in the second quarter valued at approximately $581,817,000. Finally, Bessemer Group Inc. raised its stake in AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock valued at $576,800,000 after buying an additional 1,641,091 shares during the period. Institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ABBV shares. Weiss Ratings restated a "hold (c)" rating on shares of AbbVie in a research note on Wednesday. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Guggenheim upped their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Morgan Stanley increased their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Cantor Fitzgerald set a $250.00 target price on AbbVie and gave the stock an "overweight" rating in a research note on Thursday. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $229.38.

Insider Buying and Selling

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

AbbVie Trading Down 0.1%

Shares of NYSE:ABBV opened at $231.03 on Friday. The company has a market capitalization of $408.13 billion, a P/E ratio of 110.01, a P/E/G ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. 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's 50 day simple moving average is $214.12 and its 200 day simple moving average is $196.58.

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 analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.65 EPS. On average, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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