UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Boosts Holdings in AbbVie Inc. $ABBV

Key Points

• UBS AM has increased its stake in AbbVie Inc. by 5.9%, owning approximately $2.68 billion worth of the company's stock, making it the 20th largest position in their portfolio.
• AbbVie reported $2.97 earnings per share for the latest quarter, missing analysts' expectations by $0.27, but its revenue was up 6.6% year-over-year, totaling $15.42 billion.
• The company announced a quarterly dividend of $1.64 per share, representing a dividend yield of 3.1% and a high payout ratio of 312.38%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,771,854 shares of the company's stock after purchasing an additional 713,148 shares during the period. AbbVie accounts for 0.7% of UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC's holdings, making the stock its 20th biggest position. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.72% of AbbVie worth $2,675,959,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Private Management Group Inc. lifted its position in AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after buying an additional 54 shares in the last quarter. Connecticut Wealth Management LLC boosted its stake in shares of AbbVie by 1.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after purchasing an additional 57 shares during the last quarter. Castle Wealth Management LLC boosted its stake in AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after acquiring an additional 57 shares during the last quarter. High Falls Advisors Inc raised its holdings in shares of AbbVie by 3.2% in the first quarter. High Falls Advisors Inc now owns 1,863 shares of the company's stock valued at $390,000 after purchasing an additional 57 shares during the last quarter. Finally, Northstar Group Inc. increased its holdings in AbbVie by 0.7% during the first quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock worth $1,783,000 after buying an additional 58 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of NYSE ABBV opened at $209.97 on Tuesday. The firm has a 50-day simple moving average of $198.22 and a 200-day simple moving average of $194.14. The stock has a market capitalization of $370.93 billion, a price-to-earnings ratio of 99.99, a price-to-earnings-growth ratio of 1.37 and a beta of 0.53. 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 released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ABBV shares. Citigroup upped their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Morgan Stanley lifted their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Guggenheim boosted their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and a consensus target price of $214.95.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm'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 sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade 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 accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction dated 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 sale, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. The trade was a 19.29% 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 company insiders.

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.

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