Diversified Trust Co Sells 6,908 Shares of AbbVie Inc. $ABBV

Diversified Trust Co reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 10.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 61,257 shares of the company’s stock after selling 6,908 shares during the period. Diversified Trust Co’s holdings in AbbVie were worth $16,024,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its stake in AbbVie by 1.7% during the second quarter. State Street Corp now owns 82,596,748 shares of the company’s stock worth $20,784,646,000 after purchasing an additional 1,379,232 shares during the period. Fisher Asset Management LLC grew its stake in shares of AbbVie by 252.6% in the 3rd quarter. Fisher Asset Management LLC now owns 33,489,421 shares of the company’s stock valued at $8,760,498,000 after purchasing an additional 23,991,451 shares during the period. Corient Private Wealth LP bought a new stake in shares of AbbVie in the 2nd quarter valued at approximately $559,736,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of AbbVie by 0.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,267,697 shares of the company’s stock valued at $3,590,323,000 after purchasing an additional 106,091 shares during the period. Finally, Legal & General Group Plc acquired a new position in shares of AbbVie in the 2nd quarter worth approximately $2,905,952,000. Institutional investors own 70.23% of the company’s stock.

Recent AbbVie Headlines

Here are a few of the latest headlines about ABBV:

• Positive Sentiment: AbbVie reported positive Phase 3 results for QULIPTA in a migraine trial, a potential boost to its neuroscience portfolio and the drug’s growth prospects. AbbVie Reports Positive Phase 3 QULIPTA Migraine Trial Results
• Positive Sentiment: AbbVie licensed Nxera Pharma’s EP4 agonist program for inflammatory bowel disease. The deal adds a potential pipeline asset, though its milestones depend on future development and other conditions. AbbVie Deal Altering the Investment Case for Nxera Pharma
• Negative Sentiment: EVP Jeffrey Stewart sold 40,619 shares for about $11.9 million, reducing his direct holdings by 32.81%. The sale could weigh on sentiment, though the filing did not state a reason. AbbVie EVP Sells $11,925,738.40 in Stock

AbbVie Trading Up 0.2%

Shares of AbbVie stock opened at $295.18 on Friday. The stock has a market capitalization of $521.76 billion, a price-to-earnings ratio of 50.81, a P/E/G ratio of 1.34 and a beta of 0.20. The firm’s 50-day moving average price is $275.51 and its two-hundred day moving average price is $240.91. AbbVie Inc. has a 1-year low of $190.75 and a 1-year high of $302.93.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 30th. The company reported $3.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.73 by $0.09. The company had revenue of $17.40 billion during the quarter, compared to analysts’ expectations of $17.32 billion. AbbVie had a net margin of 15.67% and a negative return on equity of 450.55%. AbbVie’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.86 earnings per share. As a group, equities research analysts predict that AbbVie Inc. will post 13.98 EPS for the current year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 16th. Investors of record on Friday, January 15th will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, January 15th. This represents a $7.28 dividend on an annualized basis and a yield of 2.5%. This is a positive change from AbbVie’s previous quarterly dividend of $1.73. AbbVie’s payout ratio is 125.30%.

Insider Transactions at AbbVie

In other AbbVie news, EVP Jeffrey Stewart sold 40,619 shares of AbbVie stock in a transaction on Monday, November 9th. The stock was sold at an average price of $293.60, for a total value of $11,925,738.40. Following the completion of the transaction, the executive vice president owned 83,171 shares in the company, valued at approximately $24,419,005.60. The trade was a 32.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Royal Bank Of Canada raised their target price on AbbVie from $280.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday, November 2nd. The Goldman Sachs Group upped their price target on AbbVie from $258.00 to $294.00 and gave the company a “neutral” rating in a research report on Friday, October 23rd. Leerink Partners upped their price target on AbbVie from $309.00 to $342.00 and gave the company an “outperform” rating in a research report on Monday, November 2nd. Wolfe Research upgraded AbbVie from a “peer perform” rating to an “outperform” rating and increased their price objective for the stock from $235.00 to $300.00 in a research note on Thursday, August 13th. Finally, Cantor Fitzgerald lifted their price objective on AbbVie from $290.00 to $325.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $297.46.

AbbVie Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas. Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.