Intech Investment Management LLC decreased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 28.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 201,873 shares of the company's stock after selling 78,974 shares during the period. Intech Investment Management LLC's holdings in AbbVie were worth $39,866,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of ABBV. Fairway Wealth LLC purchased a new stake in AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the 2nd quarter valued at $27,000. Marquette Asset Management LLC purchased a new stake in AbbVie in the 3rd quarter valued at $39,000. Mizuho Securities Co. Ltd. raised its position in AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company's stock valued at $39,000 after purchasing an additional 100 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new stake in AbbVie in the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 70.23% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently commented on ABBV shares. Argus upgraded shares of AbbVie from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Sanford C. Bernstein started coverage on shares of AbbVie in a research report on Thursday, October 17th. They set a "market perform" rating and a $203.00 price objective for the company. Cantor Fitzgerald restated an "overweight" rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Bank of America upped their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Finally, Truist Financial upped their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $203.37.
View Our Latest Analysis on AbbVie
AbbVie Price Performance
Shares of NYSE ABBV opened at $167.74 on Thursday. AbbVie Inc. has a 52 week low of $137.65 and a 52 week high of $207.32. The stock has a market cap of $296.42 billion, a price-to-earnings ratio of 58.24, a PEG ratio of 2.01 and a beta of 0.63. The company's 50-day moving average price is $190.25 and its 200 day moving average price is $181.01. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.
AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $14.28 billion. During the same period last year, the company earned $2.95 EPS. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.
AbbVie Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.91%. This is a positive change from AbbVie's previous quarterly dividend of $1.55. AbbVie's dividend payout ratio (DPR) is currently 215.28%.
About AbbVie
(
Free Report)
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.
See Also
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