Fulcrum Asset Management LLP Acquires 8,204 Shares of AbbVie Inc. $ABBV

Key Points

• Fulcrum Asset Management more than doubled its AbbVie position in the third quarter, adding 8,204 shares to hold 16,402 shares valued at approximately $4.32 million.
• AbbVie reported quarterly adjusted earnings of $3.82 per share and revenue of $17.40 billion, both above analyst expectations; revenue increased 10.3% year over year.
• The company raised its quarterly dividend from $1.73 to $1.82 per share. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $297.46.

Fulcrum Asset Management LLP grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 100.1% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 16,402 shares of the company's stock after buying an additional 8,204 shares during the period. Fulcrum Asset Management LLP's holdings in AbbVie were worth $4,318,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ABBV. Allspring Global Investments Holdings LLC raised its stake in shares of AbbVie by 5.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 488,725 shares of the company's stock worth $127,034,000 after purchasing an additional 27,275 shares during the last quarter. Griffith & Werner Inc. increased its stake in AbbVie by 2.9% in the 3rd quarter. Griffith & Werner Inc. now owns 15,159 shares of the company's stock valued at $3,965,000 after buying an additional 421 shares during the period. StoneRidge PMG Advisors LLC acquired a new position in AbbVie in the 3rd quarter valued at $1,029,000. Beverly Hills Private Wealth LLC raised its position in AbbVie by 19.0% during the 3rd quarter. Beverly Hills Private Wealth LLC now owns 7,336 shares of the company's stock worth $1,919,000 after buying an additional 1,172 shares during the last quarter. Finally, RHL Group LLC lifted its stake in shares of AbbVie by 7.8% in the 3rd quarter. RHL Group LLC now owns 2,054 shares of the company's stock worth $537,000 after acquiring an additional 149 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on ABBV shares. Barclays lifted their target price on shares of AbbVie from $300.00 to $325.00 and gave the company an "overweight" rating in a report on Wednesday, October 21st. UBS Group increased their price target on shares of AbbVie from $275.00 to $295.00 and gave the stock a "neutral" rating in a report on Monday, November 2nd. BNP Paribas Exane raised their price objective on shares of AbbVie from $218.00 to $247.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. raised their price objective on shares of AbbVie from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, October 8th. Finally, BMO Capital Markets set a $315.00 price objective on AbbVie in a report on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $297.46.

AbbVie Stock Performance

AbbVie stock opened at $292.87 on Tuesday. AbbVie Inc. has a one year low of $190.75 and a one year high of $302.93. The business has a fifty day moving average of $272.71 and a two-hundred day moving average of $239.42. The company has a market cap of $517.69 billion, a P/E ratio of 50.41, a price-to-earnings-growth ratio of 1.34 and a beta of 0.20.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, topping analysts' consensus estimates of $3.73 by $0.09. AbbVie had a net margin of 15.67% and a negative return on equity of 450.55%. The business had revenue of $17.40 billion for the quarter, compared to analysts' expectations of $17.32 billion. During the same period in the prior year, the company posted $1.86 EPS. The business's revenue for the quarter was up 10.3% on a year-over-year basis. Sell-side analysts predict that AbbVie Inc. will post 13.99 EPS for the current year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Investors of record on Friday, January 15th will be issued a dividend of $1.82 per share. This is a boost from AbbVie's previous quarterly dividend of $1.73. This represents a $7.28 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, January 15th. AbbVie's payout ratio is presently 119.10%.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of the business's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the sale, the executive vice president directly owned 74,430 shares in the company, valued at approximately $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.06% of the company's stock.

AbbVie Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.

Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.

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