Union Bancaire Privee UBP SA Buys 334,490 Shares of AbbVie Inc. $ABBV

Key Points

• Union Bancaire Privee UBP SA significantly increased its stake in AbbVie Inc. by acquiring 334,490 shares, marking a 44,717.9% boost, and now holds approximately $59.68 million worth of the stock.
• AbbVie reported $2.97 earnings per share for the last quarter, falling short of the expected $3.24, while revenue reached $15.42 billion, surpassing analyst predictions.
• The company announced a quarterly dividend of $1.64 per share, which will be distributed on November 14th, resulting in an annualized yield of 2.9% and a hefty payout ratio of 312.38%.

Union Bancaire Privee UBP SA boosted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 44,717.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 335,238 shares of the company's stock after acquiring an additional 334,490 shares during the period. AbbVie accounts for about 1.2% of Union Bancaire Privee UBP SA's holdings, making the stock its 24th biggest position. Union Bancaire Privee UBP SA's holdings in AbbVie were worth $59,685,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Trivium Point Advisory LLC raised its position in shares of AbbVie by 9.4% in the second quarter. Trivium Point Advisory LLC now owns 10,453 shares of the company's stock valued at $1,940,000 after purchasing an additional 899 shares during the period. Emerald Advisors LLC raised its position in shares of AbbVie by 35.1% in the second quarter. Emerald Advisors LLC now owns 5,935 shares of the company's stock valued at $1,102,000 after purchasing an additional 1,543 shares during the period. Mainsail Financial Group LLC bought a new stake in shares of AbbVie in the second quarter valued at approximately $210,000. Alliance Wealth Advisors LLC raised its position in shares of AbbVie by 1.1% in the second quarter. Alliance Wealth Advisors LLC now owns 5,099 shares of the company's stock valued at $947,000 after purchasing an additional 57 shares during the period. Finally, G&S Capital LLC grew its stake in AbbVie by 1.7% during the second quarter. G&S Capital LLC now owns 18,754 shares of the company's stock valued at $3,481,000 after acquiring an additional 305 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Trading Up 1.1%

Shares of ABBV opened at $222.93 on Tuesday. The stock has a market capitalization of $393.82 billion, a P/E ratio of 106.16, a PEG ratio of 1.29 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. The firm has a fifty day simple moving average of $207.00 and a two-hundred day simple moving average of $195.12. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $225.16.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company's quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.65 EPS. On average, research 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. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.9%. AbbVie's dividend payout ratio is 312.38%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Piper Sandler initiated coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target on the stock. Morgan Stanley upped their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Berenberg Bank upgraded shares of AbbVie from a "hold" rating to a "buy" rating and upped their target price for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. Finally, Bank of America upped their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Four equities research 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. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $223.45.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company'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 completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company'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 owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents 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 corporate insiders.

AbbVie Company 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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