Ontario Teachers Pension Plan Board Has $580.18 Million Stake in AbbVie Inc. (NYSE:ABBV)

Ontario Teachers Pension Plan Board decreased its stake in AbbVie Inc. (NYSE:ABBV) by 3.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,937,895 shares of the company’s stock after selling 111,157 shares during the period. AbbVie accounts for 4.9% of Ontario Teachers Pension Plan Board’s portfolio, making the stock its 8th largest position. Ontario Teachers Pension Plan Board owned approximately 0.17% of AbbVie worth $580,176,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Fairway Wealth LLC bought a new position in AbbVie during the second quarter valued at about $26,000. Ridgewood Investments LLC acquired a new position in AbbVie in the second quarter worth approximately $27,000. Marquette Asset Management LLC acquired a new stake in shares of AbbVie during the 3rd quarter valued at $39,000. Mizuho Securities Co. Ltd. boosted its stake in shares of AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new stake in shares of AbbVie during the third quarter worth $39,000. 70.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Sanford C. Bernstein began coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Piper Sandler increased their price target on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Truist Financial boosted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. TD Cowen increased their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Finally, William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $203.37.

AbbVie Stock Up 0.2 %

Shares of AbbVie stock opened at $166.58 on Wednesday. AbbVie Inc. has a 12-month low of $137.14 and a 12-month high of $207.32. The stock has a market capitalization of $294.37 billion, a P/E ratio of 57.84, a PEG ratio of 2.01 and a beta of 0.63. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The stock has a 50 day moving average price of $190.79 and a two-hundred day moving average price of $181.10.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating 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 business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the business posted $2.95 EPS. AbbVie’s revenue was up 3.8% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.94%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is 215.28%.

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.