Pandora Wealth Inc. Buys New Shares in AbbVie Inc. (NYSE:ABBV)

Key Points

• Pandora Wealth Inc. has acquired a new stake in AbbVie Inc., purchasing 5,916 shares valued at approximately $1,240,000, marking AbbVie as its 25th largest position.
• Institutional investors collectively hold 70.23% of AbbVie's stock, with notable increases from GAMMA Investing LLC (25,841.6%) and Goldman Sachs Group Inc. (31.6%) in the first quarter.
• AbbVie recently announced a quarterly dividend of $1.64 per share, reflecting an annualized dividend of $6.56 and a yield of 3.3%.

Pandora Wealth Inc. bought a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 5,916 shares of the company's stock, valued at approximately $1,240,000. AbbVie accounts for approximately 0.8% of Pandora Wealth Inc.'s holdings, making the stock its 25th largest position.

Several other hedge funds have also made changes to their positions in ABBV. GAMMA Investing LLC raised its position in AbbVie by 25,841.6% in 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. increased its holdings 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 buying an additional 3,519,187 shares in the last quarter. Northern Trust Corp increased its holdings 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 buying an additional 2,299,645 shares in the last quarter. Deutsche Bank AG increased its holdings 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 buying an additional 2,102,273 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings 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 buying an additional 1,882,780 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Bank of America raised their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Guggenheim raised their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Citigroup raised their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Finally, Morgan Stanley raised their price objective 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. Six investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $214.43.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The shares were 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 of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.25% of the company's stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $198.10 on Friday. The company has a market cap 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 current ratio of 0.74 and a quick ratio of 0.64. The firm has a 50 day simple moving average of $189.65 and a 200 day simple moving average of $191.06. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion during 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 revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.65 EPS. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

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