Fiduciary Family Office LLC Takes $2 Million Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Fiduciary Family Office LLC has acquired a new stake in AbbVie Inc., purchasing 9,550 shares valued at approximately $2 million, making AbbVie the 26th largest position in their portfolio.
• Institutional investors now hold 70.23% of AbbVie’s stock, with GAMMA Investing LLC increasing its position by an astounding 25,841.6% during the same quarter.
• AbbVie recently announced a quarterly dividend of $1.64 per share, with a dividend yield of 3.3%, despite a high dividend payout ratio of 312.38%.

Fiduciary Family Office LLC bought a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 9,550 shares of the company's stock, valued at approximately $2,001,000. AbbVie makes up 0.7% of Fiduciary Family Office LLC's portfolio, making the stock its 26th largest position.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of AbbVie by 25,841.6% during the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares in the last quarter. Goldman Sachs Group Inc. lifted its position 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 worth $3,068,820,000 after purchasing an additional 3,519,187 shares in the last quarter. Northern Trust Corp lifted its position in shares of AbbVie by 11.8% during the fourth quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock worth $3,878,236,000 after purchasing an additional 2,299,645 shares in the last quarter. Deutsche Bank AG lifted its position in shares of AbbVie by 27.4% during the fourth quarter. Deutsche Bank AG now owns 9,769,102 shares of the company's stock worth $1,735,969,000 after purchasing an additional 2,102,273 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of AbbVie by 18.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company's stock worth $2,142,832,000 after purchasing an additional 1,882,780 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business'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 transaction, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ABBV shares. Morgan Stanley upped their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Evercore ISI raised their price target on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Raymond James Financial increased their price objective on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Cantor Fitzgerald started coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. Finally, Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research report on Thursday. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $214.43.

AbbVie Price Performance

NYSE ABBV opened at $198.10 on Friday. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The stock has a 50-day moving average of $189.65 and a 200 day moving average of $191.06. The company has a market capitalization of $349.96 billion, a price-to-earnings ratio of 94.33, a PEG ratio of 1.28 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last released 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. On average, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio is 312.38%.

AbbVie 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.