Envestnet Portfolio Solutions Inc. Has $30.04 Million Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Envestnet Portfolio Solutions increased its AbbVie stake by 4.5% in the fourth quarter, holding 131,452 shares worth about $30.0 million after adding 5,714 shares.
• AbbVie continues to attract heavy institutional ownership, with hedge funds and other institutions owning about 70.23% of the stock; several major investors also boosted their positions recently.
• The company reported better-than-expected quarterly results, posting EPS of $2.65 on revenue of $15 billion, while analysts currently rate the stock a Moderate Buy with an average price target of $253.43.

Envestnet Portfolio Solutions Inc. lifted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,452 shares of the company's stock after acquiring an additional 5,714 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in AbbVie were worth $30,036,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Vanguard Group Inc. grew its holdings in AbbVie by 0.3% in the third quarter. Vanguard Group Inc. now owns 177,747,261 shares of the company's stock worth $41,155,601,000 after purchasing an additional 448,554 shares during the period. Public Sector Pension Investment Board raised its holdings in shares of AbbVie by 17.0% during the third quarter. Public Sector Pension Investment Board now owns 1,044,690 shares of the company's stock valued at $241,888,000 after purchasing an additional 151,644 shares during the period. Thornburg Investment Management Inc. raised its holdings in shares of AbbVie by 25.5% during the third quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company's stock valued at $93,024,000 after purchasing an additional 81,625 shares during the period. Channing Capital Management LLC boosted its position in shares of AbbVie by 10.5% during the 3rd quarter. Channing Capital Management LLC now owns 55,647 shares of the company's stock worth $12,885,000 after purchasing an additional 5,302 shares in the last quarter. Finally, Procyon Advisors LLC grew its stake in shares of AbbVie by 19.9% in the 4th quarter. Procyon Advisors LLC now owns 32,752 shares of the company's stock valued at $7,484,000 after buying an additional 5,427 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AbbVie in a research note on Wednesday, January 21st. Citigroup reduced their price objective on AbbVie from $235.00 to $230.00 and set a "neutral" rating for the company in a research note on Tuesday, January 27th. Evercore set a $235.00 price objective on AbbVie in a report on Friday. BMO Capital Markets reiterated an "outperform" rating on shares of AbbVie in a report on Monday, March 9th. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $223.00 price target on shares of AbbVie in a research report on Wednesday, January 28th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and an average price target of $253.43.

AbbVie Price Performance

ABBV opened at $209.57 on Tuesday. AbbVie Inc. has a fifty-two week low of $180.25 and a fifty-two week high of $244.81. The firm has a market capitalization of $370.27 billion, a P/E ratio of 103.24, a PEG ratio of 0.73 and a beta of 0.32. The company's 50-day moving average is $209.82 and its 200 day moving average is $219.92.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. During the same period in the prior year, the firm posted $2.46 EPS. The firm's quarterly revenue was up 12.4% compared to the same quarter last year. On average, equities research analysts expect that AbbVie Inc. will post 14.3 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Wednesday, April 15th were issued a dividend of $1.73 per share. This represents a $6.92 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Wednesday, April 15th. AbbVie's dividend payout ratio (DPR) is 340.89%.

Insider Buying and Selling at AbbVie

In other news, EVP Perry C. Siatis sold 22,381 shares of AbbVie stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $230.00, for a total transaction of $5,147,630.00. Following the sale, the executive vice president directly owned 38,137 shares in the company, valued at $8,771,510. The trade was a 36.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP David Ryan Purdue sold 5,230 shares of AbbVie stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the sale, the senior vice president owned 2,654 shares in the company, valued at $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.06% of the stock is currently owned by insiders.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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