J.Safra Asset Management Corp Cuts Position in AbbVie Inc. $ABBV

J.Safra Asset Management Corp trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 1.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,132 shares of the company’s stock after selling 63 shares during the period. J.Safra Asset Management Corp’s holdings in AbbVie were worth $753,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in AbbVie by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock valued at $36,439,271,000 after acquiring an additional 845,787 shares during the last quarter. Northern Trust Corp boosted its stake in shares of AbbVie by 0.9% during the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock worth $4,612,357,000 after purchasing an additional 189,294 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of AbbVie by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock worth $2,675,959,000 after purchasing an additional 713,148 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of AbbVie by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company’s stock worth $1,972,050,000 after purchasing an additional 45,871 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ABBV has been the topic of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Piper Sandler raised their price target on shares of AbbVie from $231.00 to $284.00 and gave the stock an “overweight” rating in a research note on Friday. UBS Group set a $251.00 price target on shares of AbbVie in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research note on Wednesday, October 8th. Finally, Hsbc Global Res cut shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $231.90.

AbbVie Trading Down 0.1%

NYSE ABBV opened at $230.36 on Tuesday. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The company’s 50 day moving average price is $215.50 and its 200 day moving average price is $196.89. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The firm has a market capitalization of $406.94 billion, a price-to-earnings ratio of 109.70, a PEG ratio of 1.42 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the firm posted $2.65 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is presently 312.38%.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

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.