Teacher Retirement System of Texas Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Teacher Retirement System of Texas trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 7.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 700,203 shares of the company’s stock after selling 55,156 shares during the period. AbbVie comprises approximately 0.6% of Teacher Retirement System of Texas’ holdings, making the stock its 21st largest holding. Teacher Retirement System of Texas’ holdings in AbbVie were worth $146,707,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ABBV. EnRich Financial Partners LLC grew its position in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after acquiring an additional 110 shares in the last quarter. Promus Capital LLC bought a new stake in shares of AbbVie during the 4th quarter valued at about $30,000. Prudent Man Investment Management Inc. acquired a new stake in AbbVie during the fourth quarter worth about $32,000. Siemens Fonds Invest GmbH lifted its holdings in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after acquiring an additional 119,141 shares during the last quarter. Finally, Pinney & Scofield Inc. acquired a new position in AbbVie in the fourth quarter valued at approximately $36,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on ABBV shares. Morgan Stanley increased their price target on AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th. Guggenheim increased their target price on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Evercore ISI boosted their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Finally, Wells Fargo & Company lifted their price objective on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $211.29.

AbbVie Stock Performance

ABBV opened at $190.78 on Thursday. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The firm has a market cap of $336.99 billion, a PE ratio of 81.18, a P/E/G ratio of 1.26 and a beta of 0.48. The business has a fifty day simple moving average of $187.12 and a 200-day simple moving average of $188.23. AbbVie Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same period in the prior year, the business posted $2.31 earnings per share. AbbVie’s revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio is presently 279.15%.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.