AbbVie Inc. (NYSE:ABBV) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC lessened its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,161,045 shares of the company's stock after selling 520,705 shares during the quarter. AbbVie comprises 0.6% of Geode Capital Management LLC's holdings, making the stock its 21st largest position. Geode Capital Management LLC owned 2.05% of AbbVie worth $7,116,229,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its stake in AbbVie by 1.6% during the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company's stock worth $15,614,329,000 after buying an additional 1,267,685 shares during the period. Legal & General Group Plc boosted its stake in shares of AbbVie by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company's stock valued at $2,620,382,000 after buying an additional 134,239 shares during the period. FMR LLC grew its position in shares of AbbVie by 3.9% during the third quarter. FMR LLC now owns 13,630,404 shares of the company's stock worth $2,691,732,000 after buying an additional 511,470 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of AbbVie by 6.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company's stock worth $2,009,542,000 after buying an additional 582,953 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in AbbVie by 4.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company's stock worth $1,842,642,000 after acquiring an additional 373,802 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Guggenheim lifted their price objective on shares of AbbVie from $212.00 to $221.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Barclays upped their price objective on AbbVie from $200.00 to $212.00 and gave the stock an "overweight" rating in a research report on Monday, October 7th. Leerink Partnrs upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Friday, November 22nd. TD Cowen boosted their target price on AbbVie from $195.00 to $225.00 and gave the stock a "buy" rating in a research note on Monday, October 7th. Finally, Wolfe Research initiated coverage on shares of AbbVie in a research note on Friday, November 15th. They issued an "outperform" rating and a $205.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $202.19.

AbbVie Stock Performance

ABBV stock traded down $0.90 during trading on Tuesday, hitting $175.67. 4,048,158 shares of the company's stock traded hands, compared to its average volume of 5,518,731. The stock has a fifty day moving average price of $186.35 and a two-hundred day moving average price of $182.67. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 52 week low of $150.16 and a 52 week high of $207.32. The stock has a market capitalization of $310.43 billion, a price-to-earnings ratio of 61.00, a price-to-earnings-growth ratio of 2.01 and a beta of 0.58.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share 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 firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the prior year, the business earned $2.95 earnings per share. AbbVie's quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities 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 given 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 yield of 3.73%. This is a positive change from AbbVie's previous quarterly dividend of $1.55. AbbVie's payout ratio is currently 215.28%.

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.