SVB Wealth LLC Decreases Position in AbbVie Inc. $ABBV

Key Points

• SVB Wealth LLC has reduced its stake in AbbVie Inc. by 16.3%, now holding 215,679 shares valued at approximately $45.2 million, making it the sixth largest holding in their portfolio.
• Several institutional investors, including Cadence Bank and APG Asset Management N.V., have increased their positions in AbbVie, with 70.23% of the stock now owned by institutional investors.
• The company announced a quarterly dividend of $1.64 per share, translating to an annualized yield of 3.1%, despite a high dividend payout ratio of 312.38%.

SVB Wealth LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 16.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 215,679 shares of the company's stock after selling 41,853 shares during the period. AbbVie makes up approximately 1.9% of SVB Wealth LLC's portfolio, making the stock its 6th biggest holding. SVB Wealth LLC's holdings in AbbVie were worth $45,189,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Cadence Bank increased its position in shares of AbbVie by 1.0% in the first quarter. Cadence Bank now owns 102,353 shares of the company's stock worth $21,445,000 after purchasing an additional 1,063 shares during the last quarter. APG Asset Management N.V. boosted its stake in AbbVie by 2.2% in the first quarter. APG Asset Management N.V. now owns 1,807,219 shares of the company's stock worth $350,536,000 after buying an additional 38,372 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in AbbVie by 10.5% in the first quarter. Smartleaf Asset Management LLC now owns 25,096 shares of the company's stock worth $5,152,000 after buying an additional 2,378 shares in the last quarter. Biondo Investment Advisors LLC boosted its stake in AbbVie by 0.3% in the first quarter. Biondo Investment Advisors LLC now owns 78,064 shares of the company's stock worth $16,356,000 after buying an additional 205 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in AbbVie by 0.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 249,714 shares of the company's stock worth $52,320,000 after buying an additional 755 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was 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 currently owned by corporate insiders.

AbbVie Stock Performance

NYSE:ABBV opened at $210.2840 on Friday. The firm has a market cap of $371.48 billion, a PE ratio of 100.14, a price-to-earnings-growth ratio of 1.35 and a beta of 0.50. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The business has a 50 day moving average price of $192.84 and a 200-day moving average price of $192.95.

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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the previous year, the business earned $2.65 EPS. The business's revenue was up 6.6% compared to the same quarter last year. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were issued a $1.64 dividend. 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 dividend payout ratio is 312.38%.

Analysts Set New Price Targets

Several analysts have issued reports on ABBV shares. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Piper Sandler started coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price for the company. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Daiwa Capital Markets raised 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. Finally, BNP Paribas raised AbbVie to a "hold" rating in a research note on Thursday, May 8th. Five research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.95.

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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