SVB Wealth LLC Invests $45.76 Million in AbbVie Inc. (NYSE:ABBV)

SVB Wealth LLC bought a new stake in AbbVie Inc. (NYSE:ABBV) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 257,532 shares of the company’s stock, valued at approximately $45,763,000. AbbVie makes up approximately 0.9% of SVB Wealth LLC’s investment portfolio, making the stock its 15th biggest position.

Several other hedge funds also recently modified their holdings of ABBV. State Street Corp lifted its stake in AbbVie by 1.6% during the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after acquiring an additional 1,267,685 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in shares of AbbVie by 26,693.1% in the fourth quarter. Proficio Capital Partners LLC now owns 1,176,754 shares of the company’s stock valued at $209,109,000 after purchasing an additional 1,172,362 shares during the last quarter. Alecta Tjanstepension Omsesidigt bought a new position in shares of AbbVie during the fourth quarter valued at about $186,431,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in AbbVie by 6.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after purchasing an additional 582,953 shares during the last quarter. Finally, Saturna Capital Corp grew its position in AbbVie by 486.1% in the 3rd quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock worth $133,531,000 after purchasing an additional 560,808 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 target price on the stock in a research report on Friday, November 22nd. Daiwa Capital Markets downgraded AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price target for the company. in a research report on Thursday, December 5th. Piper Sandler Companies reissued an “overweight” rating and issued a $220.00 price objective on shares of AbbVie in a research report on Tuesday, December 17th. Guggenheim raised their target price on AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Finally, Citigroup boosted their price target on shares of AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $208.35.

Insider Activity

In other news, EVP Timothy J. Richmond sold 29,917 shares of AbbVie stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the sale, the executive vice president now owns 44,284 shares in the company, valued at approximately $8,985,223.60. This trade represents a 40.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the transaction, the senior vice president now owns 11,496 shares in the company, valued at approximately $2,338,401.36. This trade represents a 62.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,439 shares of company stock worth $11,377,057 in the last three months. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $209.07 on Friday. The business’s fifty day moving average is $184.42 and its 200 day moving average is $186.98. The firm has a market cap of $369.09 billion, a price-to-earnings ratio of 87.11, a PEG ratio of 1.62 and a beta of 0.58. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $209.60.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the prior year, the firm earned $2.79 EPS. Research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s payout ratio is 273.33%.

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.