Assenagon Asset Management S.A. boosted its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 314.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,315,000 shares of the company’s stock after acquiring an additional 997,441 shares during the quarter. AbbVie accounts for approximately 0.5% of Assenagon Asset Management S.A.’s portfolio, making the stock its 29th largest holding. Assenagon Asset Management S.A. owned about 0.07% of AbbVie worth $225,549,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the company. American National Bank grew its stake in shares of AbbVie by 4.8% during the fourth quarter. American National Bank now owns 59,392 shares of the company’s stock valued at $9,204,000 after buying an additional 2,695 shares during the last quarter. AXS Investments LLC grew its stake in shares of AbbVie by 3.3% during the fourth quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock valued at $1,477,000 after buying an additional 307 shares during the last quarter. TCI Wealth Advisors Inc. grew its stake in shares of AbbVie by 1.0% during the fourth quarter. TCI Wealth Advisors Inc. now owns 17,043 shares of the company’s stock valued at $2,641,000 after buying an additional 165 shares during the last quarter. Mizuho Markets Americas LLC boosted its holdings in shares of AbbVie by 33.4% during the fourth quarter. Mizuho Markets Americas LLC now owns 30,914 shares of the company’s stock worth $4,791,000 after purchasing an additional 7,737 shares during the period. Finally, Opinicus Capital Inc. purchased a new stake in shares of AbbVie during the fourth quarter worth about $1,296,000. Institutional investors own 70.23% of the company’s stock.
AbbVie Stock Up 0.3 %
Shares of ABBV stock traded up $0.50 during trading hours on Friday, hitting $193.90. 3,662,784 shares of the company’s stock traded hands, compared to its average volume of 5,535,780. The stock’s fifty day simple moving average is $176.05 and its two-hundred day simple moving average is $172.15. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $194.99. The stock has a market cap of $342.40 billion, a price-to-earnings ratio of 57.54, a PEG ratio of 2.49 and a beta of 0.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.
AbbVie Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were issued a dividend of $1.55 per share. The ex-dividend date was Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. AbbVie’s payout ratio is 183.98%.
Insider Activity
In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.
Analyst Ratings Changes
A number of analysts have recently weighed in on ABBV shares. BMO Capital Markets increased their target price on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Morgan Stanley increased their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday. Wells Fargo & Company increased their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a report on Wednesday, June 5th. Finally, Barclays increased their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.29.
Check Out Our Latest Analysis on ABBV
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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