Sumitomo Mitsui DS Asset Management Company Ltd Purchases 8,090 Shares of AbbVie Inc. $ABBV

Key Points

• Sumitomo Mitsui DS Asset Management increased its holdings in AbbVie Inc. by 3.0%, reaching a total of 280,920 shares valued at approximately $52.14 million.
• AbbVie announced a quarterly dividend of $1.64 per share, representing an annualized dividend yield of 3.0%, with the payment set for November 14th.
• Despite reporting earnings of $2.97 per share, AbbVie missed analysts' estimates for the quarter, which projected earnings of $3.24 per share.

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 280,920 shares of the company's stock after buying an additional 8,090 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in AbbVie were worth $52,144,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ABBV. GAMMA Investing LLC raised its holdings 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 valued at $2,144,382,000 after buying an additional 10,195,284 shares during the last quarter. Nuveen LLC acquired a new position in shares of AbbVie during the first quarter valued at approximately $1,819,154,000. 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. Bessemer Group Inc. increased its stake in shares of AbbVie by 147.6% during the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock valued at $576,800,000 after acquiring an additional 1,641,091 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of AbbVie during the fourth quarter valued at approximately $273,301,000. Institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

ABBV has been the topic of a number of research analyst reports. BMO Capital Markets raised their price objective on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday, September 12th. Cantor Fitzgerald upped their price target on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Bank of America upped their price target on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and upped their price target for the company from $170.00 to $270.00 in a report on Wednesday. Finally, Piper Sandler began coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus target price of $222.68.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction dated 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 approximately $11,562,611.97. This 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 accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated 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 directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Stock Performance

AbbVie stock traded up $0.30 on Friday, reaching $222.29. 14,371,957 shares of the stock were exchanged, compared to its average volume of 4,244,925. The firm has a fifty day moving average price of $203.12 and a two-hundred day moving average price of $194.89. The stock has a market cap of $392.69 billion, a PE ratio of 105.85, a PEG 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 twelve month low of $163.81 and a twelve month high of $223.49.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. AbbVie's dividend payout ratio is currently 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.