Norinchukin Bank The Boosts Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Norinchukin Bank increased its holdings in AbbVie Inc. by 15.3% during the first quarter, bringing its total shares to 91,995 and valuing its stake at approximately $19.3 million.
• AbbVie reported quarterly earnings of $2.97 per share, which missed analyst expectations of $3.24, but had revenues of $15.42 billion that surpassed estimates.
• The company recently announced a quarterly dividend of $1.64 per share, resulting in an annualized dividend of $6.56 and a yield of 3.1%.

Norinchukin Bank The increased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 15.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 91,995 shares of the company's stock after acquiring an additional 12,179 shares during the quarter. Norinchukin Bank The's holdings in AbbVie were worth $19,275,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Abound Financial LLC bought a new stake in AbbVie during the 1st quarter worth approximately $30,000. Siemens Fonds Invest GmbH raised its position in shares of AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares in the last quarter. Cypress Capital Management LLC WY bought a new position in AbbVie in the 1st quarter worth about $35,000. Pinney & Scofield Inc. purchased a new stake in shares of AbbVie in the 4th quarter valued at about $36,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie during the 1st quarter valued at about $42,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Up 1.2%

Shares of ABBV opened at $208.7240 on Thursday. The firm has a market cap of $368.72 billion, a P/E ratio of 99.39, a price-to-earnings-growth ratio of 1.32 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The company has a 50 day simple moving average of $192.10 and a two-hundred day simple moving average of $192.68.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie's quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.65 earnings per share. On average, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were issued a dividend of $1.64 per share. The ex-dividend date was Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. AbbVie's payout ratio is presently 312.38%.

Wall Street Analyst Weigh In

A number of research analysts have commented on ABBV shares. Guggenheim increased their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Piper Sandler started coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target for the company. Bank of America lifted their price objective on AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Morgan Stanley raised 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, BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Five research 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $214.95.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Company 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.

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