Federation des caisses Desjardins du Quebec Has $34.68 Million Position in AbbVie Inc. $ABBV

Key Points

• The Federation des caisses Desjardins du Quebec increased its shareholding in AbbVie Inc. by 10% by purchasing 15,105 shares, bringing their total to 165,509 shares valued at approximately $34.68 million.
• Several hedge funds have significantly increased their positions in AbbVie; for instance, Crestline Management LP raised its position by 438.4%, adding 28,753 shares.
• AbbVie recently reported a net margin of 6.45% and a revenue of $15.42 billion, surpassing analysts' expectations, despite underperforming its earnings per share compared to consensus estimates.

Federation des caisses Desjardins du Quebec raised its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 10.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 165,509 shares of the company's stock after acquiring an additional 15,105 shares during the period. Federation des caisses Desjardins du Quebec's holdings in AbbVie were worth $34,684,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of ABBV. TD Capital Management LLC grew its stake in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC purchased a new stake in AbbVie during the first quarter worth $30,000. Siemens Fonds Invest GmbH increased its stake in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after purchasing an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie in the first quarter worth about $35,000. Finally, Pinney & Scofield Inc. acquired a new stake in AbbVie during the fourth quarter valued at approximately $36,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of AbbVie stock traded down $0.33 during trading on Wednesday, hitting $211.59. The stock had a trading volume of 3,973,459 shares, compared to its average volume of 4,208,400. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The firm has a market cap of $373.79 billion, a P/E ratio of 100.76, a PEG ratio of 1.35 and a beta of 0.53. 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 has a fifty day moving average of $196.62 and a two-hundred day moving average of $193.91.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during 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 revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were given a $1.64 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.1%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Analysts Set New Price Targets

Several brokerages recently issued reports on ABBV. Citigroup increased their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Bank of America raised their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Morgan Stanley boosted their price objective on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research report on Thursday, August 7th. Four 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. According to MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $214.95.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm'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 transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction 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 sale, the executive vice president directly 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 disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

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.