260,000 Shares in AbbVie Inc. (NYSE:ABBV) Acquired by Senator Investment Group LP

Senator Investment Group LP bought a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 260,000 shares of the company's stock, valued at approximately $46,202,000. AbbVie comprises about 1.4% of Senator Investment Group LP's investment portfolio, making the stock its 24th biggest holding.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in AbbVie by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock worth $30,754,908,000 after acquiring an additional 1,424,237 shares during the period. Geode Capital Management LLC grew its stake in shares of AbbVie by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock worth $6,586,948,000 after purchasing an additional 983,888 shares during the period. Capital Research Global Investors increased its holdings in AbbVie by 2.3% in the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock valued at $6,038,898,000 after purchasing an additional 778,126 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after buying an additional 3,599,336 shares during the period. Finally, Norges Bank bought a new position in AbbVie during the fourth quarter worth about $4,459,385,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of ABBV stock traded up $3.50 during midday trading on Wednesday, hitting $177.28. 7,116,632 shares of the company were exchanged, compared to its average volume of 6,025,439. The firm has a market capitalization of $313.60 billion, a P/E ratio of 73.87, a PEG ratio of 1.62 and a beta of 0.55. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $218.66. The firm's 50 day moving average price is $197.62 and its two-hundred day moving average price is $187.44.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period in the prior year, the firm posted $2.79 EPS. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date is Tuesday, April 15th. AbbVie's dividend payout ratio is currently 273.33%.

Insider Activity

In related news, EVP Timothy J. Richmond sold 29,917 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the sale, the executive vice president now directly owns 44,284 shares in the company, valued at approximately $8,985,223.60. The trade was a 40.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Perry C. Siatis sold 5,778 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total value of $1,143,466.20. Following the transaction, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. This trade represents a 20.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,471 shares of company stock valued at $23,426,451. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. UBS Group increased their price target on shares of AbbVie from $181.00 to $190.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. BMO Capital Markets lifted their price target on shares of AbbVie from $208.00 to $215.00 and gave the stock an "outperform" rating in a research report on Monday, February 3rd. Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Tuesday. They issued an "overweight" rating and a $210.00 price objective for the company. Truist Financial boosted their target price on AbbVie from $211.00 to $217.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. Finally, Citigroup lifted their price objective on AbbVie from $205.00 to $215.00 and gave the company a "buy" rating in a report on Monday, February 3rd. Seven research 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 company's stock. According to MarketBeat, AbbVie has an average rating of "Moderate Buy" and an average target price of $211.19.

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.