Oliver Luxxe Assets LLC Has $7.11 Million Holdings in AbbVie Inc. $ABBV

Key Points

• Oliver Luxxe Assets LLC increased its stake in AbbVie Inc. by 4.4%, owning 38,325 shares valued at approximately $7.11 million, making it the firm’s 16th largest holding.
• A significant number of hedge funds have modified their positions in AbbVie, with Brighton Jones LLC and Revolve Wealth Partners LLC increasing their holdings by 17.4% and 72.7% respectively during the fourth quarter.
• AbbVie recently announced a quarterly dividend of $1.64 per share, resulting in an annualized dividend yield of 3.0% and a dividend payout ratio of 312.38%.

Oliver Luxxe Assets LLC raised its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,325 shares of the company's stock after purchasing an additional 1,599 shares during the quarter. AbbVie comprises approximately 1.3% of Oliver Luxxe Assets LLC's investment portfolio, making the stock its 16th biggest holding. Oliver Luxxe Assets LLC's holdings in AbbVie were worth $7,114,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of AbbVie by 0.5% in the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock valued at $36,439,271,000 after purchasing an additional 845,787 shares during the period. Northern Trust Corp increased its stake in shares of AbbVie by 0.9% in the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock valued at $4,612,357,000 after purchasing an additional 189,294 shares during the period. Goldman Sachs Group Inc. increased its stake 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 valued at $3,068,820,000 after acquiring an additional 3,519,187 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of AbbVie by 5.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock valued at $2,675,959,000 after acquiring an additional 713,148 shares during the period. Finally, GAMMA Investing LLC raised its holdings in 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. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and increased their price target for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Citigroup lifted their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Raymond James Financial reaffirmed an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Guggenheim lifted their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $223.45.

AbbVie Price Performance

NYSE ABBV traded up $0.62 on Monday, hitting $223.09. 5,989,926 shares of the company were exchanged, compared to its average volume of 4,689,837. The firm has a 50 day moving average of $203.75 and a two-hundred day moving average of $194.84. The company has a market cap of $394.09 billion, a P/E ratio of 106.23, a P/E/G ratio of 1.33 and a beta of 0.53. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $225.16.

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

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

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.