Signature Estate & Investment Advisors LLC decreased its stake in AbbVie Inc. (NYSE:ABBV – Get Rating) by 4.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,408 shares of the company’s stock after selling 125 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in AbbVie were worth $368,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Capital International Investors boosted its stake in AbbVie by 162.6% in the first quarter. Capital International Investors now owns 30,497,767 shares of the company’s stock worth $4,943,993,000 after purchasing an additional 18,882,699 shares in the last quarter. Norges Bank acquired a new position in AbbVie in the fourth quarter worth $2,433,269,000. Vanguard Group Inc. boosted its stake in AbbVie by 2.9% in the first 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 in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in AbbVie by 426.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after purchasing an additional 3,768,579 shares in the last quarter. Finally, State Street Corp boosted its stake in AbbVie by 3.4% in the fourth quarter. State Street Corp now owns 79,357,705 shares of the company’s stock worth $10,745,033,000 after purchasing an additional 2,597,076 shares in the last quarter. Institutional investors and hedge funds own 68.25% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have commented on ABBV. Atlantic Securities reduced their price objective on AbbVie from $178.00 to $162.00 and set a “neutral” rating on the stock in a research note on Monday, August 1st. Barclays reduced their price objective on AbbVie to $160.00 in a research note on Tuesday, August 9th. UBS Group reduced their price objective on AbbVie from $154.00 to $146.00 and set a “neutral” rating on the stock in a research note on Monday, August 1st. Argus dropped their target price on AbbVie from $165.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, August 24th. Finally, Piper Sandler dropped their target price on AbbVie from $160.00 to $155.00 in a research report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $159.35.
AbbVie Trading Up 1.9 %
AbbVie (NYSE:ABBV – Get Rating) last released its quarterly earnings data on Friday, July 29th. The company reported $3.51 EPS for the quarter, beating analysts’ consensus estimates of $3.42 by $0.09. The business had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $14.64 billion. AbbVie had a return on equity of 158.41% and a net margin of 22.03%. The firm’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.11 earnings per share. Research analysts forecast that AbbVie Inc. will post 14.05 EPS for the current year.
AbbVie Dividend Announcement
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 $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 presently 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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