Independent Investors Inc. lessened its stake in AbbVie Inc. (NYSE:ABBV – Get Rating) by 4.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,388 shares of the company’s stock after selling 2,330 shares during the period. AbbVie accounts for about 1.9% of Independent Investors Inc.’s portfolio, making the stock its 8th largest position. Independent Investors Inc.’s holdings in AbbVie were worth $6,952,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in AbbVie by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 150,518,780 shares of the company’s stock worth $24,400,600,000 after acquiring an additional 4,206,711 shares in the last quarter. BlackRock Inc. grew its holdings in AbbVie by 1.1% during the 1st quarter. BlackRock Inc. now owns 129,630,878 shares of the company’s stock worth $21,014,462,000 after acquiring an additional 1,433,324 shares in the last quarter. State Street Corp grew its holdings in AbbVie by 3.4% during the 4th quarter. State Street Corp now owns 79,357,705 shares of the company’s stock worth $10,745,033,000 after acquiring an additional 2,597,076 shares in the last quarter. Capital International Investors grew its holdings in AbbVie by 162.6% during the 1st quarter. Capital International Investors now owns 30,497,767 shares of the company’s stock worth $4,943,993,000 after acquiring an additional 18,882,699 shares in the last quarter. Finally, Norges Bank bought a new position in AbbVie during the 4th quarter worth about $2,433,269,000. Hedge funds and other institutional investors own 68.25% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have recently weighed in on ABBV shares. UBS Group lowered their price target on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating on the stock in a report on Monday, August 1st. Morgan Stanley lowered their price target on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating on the stock in a report on Monday, August 1st. Piper Sandler lowered their price target on shares of AbbVie from $160.00 to $155.00 in a report on Friday, July 29th. Argus lowered their price target on shares of AbbVie from $165.00 to $155.00 and set a “buy” rating on the stock in a report on Wednesday, August 24th. Finally, Barclays decreased their price objective on shares of AbbVie to $160.00 in a research report on Tuesday, August 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $159.35.
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Rating) last posted its earnings results on Friday, July 29th. The company reported $3.51 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.09. The firm had revenue of $14.58 billion during the quarter, compared to analyst estimates of $14.64 billion. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the firm earned $3.11 EPS. Equities research analysts forecast that AbbVie Inc. will post 14.05 EPS for the current year.
AbbVie Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid a $1.41 dividend. The ex-dividend date is Thursday, October 13th. This represents a $5.64 dividend on an annualized basis and a yield of 3.94%. AbbVie’s dividend payout ratio is currently 79.89%.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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