Todd Asset Management LLC Increases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Key Points

• Todd Asset Management LLC increased its stake in AbbVie Inc. by 0.6% during the 1st quarter, holding 230,851 shares valued at approximately $48.37 million, making it the firm's 27th largest position.
• AbbVie reported earnings of $2.97 per share for the recent quarter, falling short of analysts' expectations, but achieved a 6.6% increase in revenue year-over-year.
• AbbVie has declared a quarterly dividend of $1.64 per share, reflecting a dividend yield of 3.3% and a high payout ratio of 312.38%.

Todd Asset Management LLC boosted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 0.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,851 shares of the company's stock after purchasing an additional 1,475 shares during the period. AbbVie makes up about 1.1% of Todd Asset Management LLC's investment portfolio, making the stock its 27th biggest holding. Todd Asset Management LLC's holdings in AbbVie were worth $48,368,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its position in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC lifted its position in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Sagespring Wealth Partners LLC bought a new position in shares of AbbVie during the fourth quarter worth about $3,486,000. Advisors Capital Management LLC lifted its position in shares of AbbVie by 2.2% during the fourth quarter. Advisors Capital Management LLC now owns 567,558 shares of the company's stock worth $100,855,000 after purchasing an additional 12,381 shares during the last quarter. Finally, Altman Advisors Inc. lifted its position in shares of AbbVie by 1.9% during the fourth quarter. Altman Advisors Inc. now owns 15,175 shares of the company's stock worth $2,697,000 after purchasing an additional 283 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other AbbVie 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ABBV shares. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a report on Thursday, August 7th. Piper Sandler reissued an "overweight" rating and issued a $231.00 target price on shares of AbbVie in a report on Tuesday. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Cantor Fitzgerald started coverage on AbbVie in a report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target on the stock. Finally, Raymond James Financial lifted their price target on AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Six equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $214.95.

AbbVie Stock Up 1.4%

ABBV stock traded up $2.72 during midday trading on Wednesday, reaching $201.36. 3,557,515 shares of the company's stock traded hands, compared to its average volume of 6,738,988. The company has a market cap of $355.71 billion, a price-to-earnings ratio of 95.89, a P/E/G ratio of 1.28 and a beta of 0.50. The firm's fifty day moving average price is $190.11 and its 200-day moving average price is $191.60. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the previous year, the company earned $2.65 EPS. The business's revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts forecast 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 will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued 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 yield of 3.3%. AbbVie's dividend payout ratio is 312.38%.

About AbbVie

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.