Private Advisor Group LLC lowered its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 10.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 389,605 shares of the company’s stock after selling 44,140 shares during the period. Private Advisor Group LLC’s holdings in AbbVie were worth $59,673,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of 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 purchasing an additional 4,206,711 shares during the period. BlackRock Inc. boosted its position in AbbVie by 1.1% in the 1st quarter. BlackRock Inc. now owns 129,630,878 shares of the company’s stock valued at $21,014,462,000 after buying an additional 1,433,324 shares during the period. State Street Corp boosted its position in AbbVie by 3.4% in the 4th quarter. State Street Corp now owns 79,357,705 shares of the company’s stock valued at $10,745,033,000 after buying an additional 2,597,076 shares during the period. Capital International Investors boosted its position in AbbVie by 162.6% in the 1st quarter. Capital International Investors now owns 30,497,767 shares of the company’s stock valued at $4,943,993,000 after buying an additional 18,882,699 shares during the period. Finally, Norges Bank purchased a new position in AbbVie in the 4th quarter valued at approximately $2,433,269,000. Institutional investors and hedge funds own 68.25% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have commented on the stock. Atlantic Securities decreased their price target on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating for the company in a research report on Monday, August 1st. Piper Sandler decreased their price objective on shares of AbbVie from $160.00 to $155.00 in a research report on Friday, July 29th. Argus decreased their price objective on shares of AbbVie from $165.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, August 24th. Barclays decreased their price objective on shares of AbbVie to $160.00 in a research report on Tuesday, August 9th. Finally, UBS Group decreased their price objective on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating for the company in a research report on Monday, August 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $159.35.
AbbVie Trading Down 1.0 %
AbbVie (NYSE:ABBV – Get Rating) last issued its quarterly earnings results on Friday, July 29th. The company reported $3.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.09. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The business had revenue of $14.58 billion for the quarter, compared to analyst estimates of $14.64 billion. During the same period in the previous year, the business posted $3.11 earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post 14.05 earnings per share for the current year.
AbbVie Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Thursday, October 13th. AbbVie’s dividend payout ratio is currently 79.89%.
AbbVie Company Profile
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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