AbbVie Inc. (NYSE:ABBV) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board cut its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,937,895 shares of the company's stock after selling 111,157 shares during the quarter. AbbVie comprises about 4.9% of Ontario Teachers Pension Plan Board's portfolio, making the stock its 8th biggest holding. Ontario Teachers Pension Plan Board owned approximately 0.17% of AbbVie worth $580,176,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. First Horizon Advisors Inc. lifted its position in shares of AbbVie by 1.2% during the 3rd quarter. First Horizon Advisors Inc. now owns 174,125 shares of the company's stock valued at $34,386,000 after acquiring an additional 2,014 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of AbbVie by 16.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 19,751 shares of the company's stock valued at $3,900,000 after purchasing an additional 2,838 shares in the last quarter. Howe & Rusling Inc. increased its stake in shares of AbbVie by 16.2% in the third quarter. Howe & Rusling Inc. now owns 73,277 shares of the company's stock valued at $14,471,000 after buying an additional 10,205 shares during the period. Jennison Associates LLC lifted its holdings in AbbVie by 9.2% during the 3rd quarter. Jennison Associates LLC now owns 1,731,278 shares of the company's stock worth $341,893,000 after buying an additional 145,542 shares during the period. Finally, Strategy Asset Managers LLC bought a new stake in shares of AbbVie in the 3rd quarter valued at $324,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Guggenheim increased their price target on AbbVie from $212.00 to $221.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Citigroup decreased their price objective on AbbVie from $226.00 to $215.00 and set a "buy" rating for the company in a report on Tuesday, November 12th. William Blair upgraded AbbVie to a "strong-buy" rating in a research report on Friday, August 30th. TD Cowen raised their target price on shares of AbbVie from $195.00 to $225.00 and gave the company a "buy" rating in a research note on Monday, October 7th. Finally, Truist Financial boosted their price target 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. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $203.37.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $1.17 during trading on Wednesday, hitting $167.74. 7,133,346 shares of the company's stock were exchanged, compared to its average volume of 5,488,950. The company has a market cap of $296.42 billion, a price-to-earnings ratio of 57.87, a PEG ratio of 2.01 and a beta of 0.63. The business's 50-day simple moving average is $190.79 and its 200 day simple moving average is $181.10. AbbVie Inc. has a 52-week low of $137.65 and a 52-week high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

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

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders 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 is a positive change from AbbVie's previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.91%. AbbVie's dividend payout ratio (DPR) is 215.28%.

AbbVie 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.