IMS Capital Management boosted its stake in AbbVie Inc. (NYSE:ABBV – Get Rating) by 1.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,879 shares of the company’s stock after purchasing an additional 94 shares during the quarter. AbbVie comprises about 1.0% of IMS Capital Management’s investment portfolio, making the stock its 24th largest holding. IMS Capital Management’s holdings in AbbVie were worth $1,513,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of ABBV. Vanguard Group Inc. grew its position in shares of AbbVie by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 150,518,780 shares of the company’s stock valued at $24,400,600,000 after purchasing an additional 4,206,711 shares during the period. BlackRock Inc. grew its position in AbbVie by 1.1% in the first quarter. BlackRock Inc. now owns 129,630,878 shares of the company’s stock valued at $21,014,462,000 after purchasing an additional 1,433,324 shares in the last quarter. State Street Corp grew its position in shares of 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 acquiring an additional 2,597,076 shares during the period. Capital International Investors grew its position in shares of 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 acquiring an additional 18,882,699 shares during the period. Finally, Norges Bank bought a new position in shares of AbbVie in the 4th quarter valued at about $2,433,269,000. Institutional investors and hedge funds own 68.25% of the company’s stock.
AbbVie Stock Performance
ABBV stock opened at $140.31 on Thursday. The stock has a 50-day moving average price of $142.13 and a 200-day moving average price of $149.60. AbbVie Inc. has a 1-year low of $105.93 and a 1-year high of $175.91. The company has a current ratio of 0.84, a quick ratio of 0.75 and a debt-to-equity ratio of 4.15. The firm has a market cap of $248.08 billion, a PE ratio of 19.87, a price-to-earnings-growth ratio of 4.00 and a beta of 0.72.
AbbVie Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a dividend of $1.41 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $5.64 dividend on an annualized basis and a yield of 4.02%. AbbVie’s dividend payout ratio (DPR) is currently 79.89%.
Wall Street Analyst Weigh In
Several analysts have weighed in on ABBV shares. Barclays dropped their price objective on shares of AbbVie to $160.00 in a research note on Tuesday, August 9th. Atlantic Securities dropped their target price 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. Argus dropped their target price 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. Piper Sandler dropped their target price on shares of AbbVie from $160.00 to $155.00 in a research report on Friday, July 29th. Finally, UBS Group dropped their target price 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 issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.35.
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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