Cardinal Capital Management Inc. Boosts Holdings in AbbVie Inc. (NYSE:ABBV)

Cardinal Capital Management Inc. grew its position in AbbVie Inc. (NYSE:ABBVGet Rating) by 7.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 163,872 shares of the company’s stock after acquiring an additional 11,777 shares during the quarter. AbbVie accounts for 1.4% of Cardinal Capital Management Inc.’s portfolio, making the stock its 16th biggest holding. Cardinal Capital Management Inc.’s holdings in AbbVie were worth $25,099,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ABBV. Capital International Investors increased its stake in AbbVie by 162.6% in 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 during the last quarter. Norges Bank bought a new stake in AbbVie in the 4th quarter worth approximately $2,433,269,000. Vanguard Group Inc. increased its stake in AbbVie by 2.9% in 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 during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in AbbVie by 426.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after acquiring an additional 3,768,579 shares during the last quarter. Finally, State Street Corp increased its stake in AbbVie by 3.4% in 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 during the last quarter. Institutional investors own 68.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ABBV shares. UBS Group cut their target price on AbbVie from $154.00 to $146.00 and set a “neutral” rating on the stock in a research report on Monday, August 1st. Piper Sandler cut their target price on AbbVie from $160.00 to $155.00 in a research report on Friday, July 29th. Barclays cut their target price on AbbVie to $160.00 in a research report on Tuesday, August 9th. Morgan Stanley cut their target price on AbbVie from $191.00 to $188.00 and set an “overweight” rating on the stock in a research report on Monday, August 1st. Finally, Atlantic Securities cut their target price on AbbVie from $178.00 to $162.00 and set a “neutral” rating on the stock in a research report on Monday, August 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $159.35.

AbbVie Price Performance

Shares of ABBV stock opened at $143.01 on Friday. AbbVie Inc. has a twelve month low of $106.44 and a twelve month high of $175.91. The stock has a market capitalization of $252.86 billion, a price-to-earnings ratio of 20.26, a P/E/G ratio of 3.98 and a beta of 0.72. The stock has a fifty day simple moving average of $141.99 and a two-hundred day simple moving average of $149.56. The company has a current ratio of 0.84, a quick ratio of 0.75 and a debt-to-equity ratio of 4.15.

AbbVie (NYSE:ABBVGet Rating) last issued its earnings results on Friday, July 29th. The company reported $3.51 earnings per share for the quarter, topping the consensus estimate of $3.42 by $0.09. AbbVie had a return on equity of 158.41% and a net margin of 22.03%. The business had revenue of $14.58 billion during the quarter, compared to analysts’ expectations of $14.64 billion. During the same period in the prior year, the business earned $3.11 EPS. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, analysts predict that AbbVie Inc. will post 14.05 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a $1.41 dividend. This represents a $5.64 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Thursday, October 13th. AbbVie’s dividend payout ratio is 79.89%.

AbbVie Company Profile

(Get Rating)

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.

Further Reading

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.