State Street Corp Has $15.61 Billion Stock Position in AbbVie Inc. (NYSE:ABBV)

State Street Corp lifted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,067,935 shares of the company's stock after purchasing an additional 1,267,685 shares during the period. AbbVie accounts for 0.6% of State Street Corp's portfolio, making the stock its 23rd largest position. State Street Corp owned 4.47% of AbbVie worth $15,614,329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of ABBV. SYM FINANCIAL Corp boosted its position in shares of AbbVie by 9.1% during the third quarter. SYM FINANCIAL Corp now owns 2,303 shares of the company's stock worth $455,000 after purchasing an additional 193 shares in the last quarter. Quantinno Capital Management LP lifted its position in AbbVie by 53.3% in the 3rd quarter. Quantinno Capital Management LP now owns 157,560 shares of the company's stock valued at $31,115,000 after acquiring an additional 54,769 shares in the last quarter. Royal London Asset Management Ltd. lifted its position in AbbVie by 0.9% in the 3rd quarter. Royal London Asset Management Ltd. now owns 1,371,288 shares of the company's stock valued at $270,802,000 after acquiring an additional 12,248 shares in the last quarter. Resurgent Financial Advisors LLC lifted its position in AbbVie by 22.9% in the 3rd quarter. Resurgent Financial Advisors LLC now owns 3,209 shares of the company's stock valued at $634,000 after acquiring an additional 598 shares in the last quarter. Finally, Pinpoint Asset Management Ltd lifted its position in AbbVie by 1.6% in the 3rd quarter. Pinpoint Asset Management Ltd now owns 12,360 shares of the company's stock valued at $2,441,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Price Performance

Shares of AbbVie stock traded down $0.24 on Thursday, reaching $176.22. 5,443,820 shares of the stock were exchanged, compared to its average volume of 5,532,744. The firm's 50 day moving average is $187.45 and its 200-day moving average is $182.21. AbbVie Inc. has a one year low of $144.73 and a one year high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The firm has a market cap of $311.41 billion, a PE ratio of 61.10, a P/E/G ratio of 2.08 and a beta of 0.58.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts' consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the prior year, the firm posted $2.95 EPS. The firm's quarterly revenue was up 3.8% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. This is an increase from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.72%. AbbVie's dividend payout ratio is presently 215.28%.

Analyst Ratings Changes

Several equities research analysts have issued reports on ABBV shares. UBS Group lifted their price target on shares of AbbVie from $195.00 to $200.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. Guggenheim boosted their price objective on shares of AbbVie from $212.00 to $221.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Truist Financial boosted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Argus upgraded shares of AbbVie from a "hold" rating to a "buy" rating in a research note on Monday, November 4th. Finally, Morgan Stanley decreased their price target on shares of AbbVie from $231.00 to $224.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 12th. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus target price of $202.38.

AbbVie Company Profile

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.