AbbVie Inc. $ABBV Stock Position Decreased by Board of the Pension Protection Fund

Board of the Pension Protection Fund lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 53.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,000 shares of the company’s stock after selling 2,300 shares during the period. Board of the Pension Protection Fund’s holdings in AbbVie were worth $371,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. FF Advisors LLC grew its position in shares of AbbVie by 3.6% during the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after acquiring an additional 53 shares during the last quarter. Private Management Group Inc. grew its position in shares of AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock worth $616,000 after acquiring an additional 54 shares during the last quarter. LifeSteps Financial Inc. grew its position in AbbVie by 0.7% in the 2nd quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company’s stock worth $1,366,000 after purchasing an additional 54 shares during the last quarter. Silicon Valley Capital Partners grew its position in AbbVie by 10.8% in the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock worth $118,000 after purchasing an additional 56 shares during the last quarter. Finally, Seneca House Advisors grew its position in AbbVie by 2.7% in the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock worth $388,000 after purchasing an additional 56 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the 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 owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ABBV. UBS Group set a $251.00 price objective on AbbVie in a report on Friday, October 3rd. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Wells Fargo & Company increased their price target on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. JPMorgan Chase & Co. increased their target price on shares of AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Finally, Morgan Stanley increased their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $231.90.

AbbVie Stock Performance

NYSE:ABBV opened at $230.88 on Friday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a 50-day moving average of $214.84 and a 200-day moving average of $196.76. The firm has a market cap of $407.86 billion, a price-to-earnings ratio of 109.94, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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 business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $2.65 EPS. Analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

About AbbVie

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.