Canada Pension Plan Investment Board Increases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Canada Pension Plan Investment Board lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 291.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,073,033 shares of the company’s stock after buying an additional 2,287,225 shares during the quarter. Canada Pension Plan Investment Board owned about 0.17% of AbbVie worth $332,564,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ABBV. Corundum Group Inc. boosted its holdings in shares of AbbVie by 2.1% in the first quarter. Corundum Group Inc. now owns 4,151 shares of the company’s stock valued at $449,000 after acquiring an additional 87 shares during the period. Loomis Sayles & Co. L P increased its holdings in shares of AbbVie by 24.1% in the first quarter. Loomis Sayles & Co. L P now owns 459 shares of the company’s stock valued at $50,000 after purchasing an additional 89 shares during the period. Howard Financial Services LTD. boosted its holdings in shares of AbbVie by 2.8% in the first quarter. Howard Financial Services LTD. now owns 3,396 shares of the company’s stock valued at $368,000 after acquiring an additional 91 shares in the last quarter. Old North State Trust LLC lifted its position in AbbVie by 1.5% in the first quarter. Old North State Trust LLC now owns 6,415 shares of the company’s stock valued at $694,000 after purchasing an additional 92 shares during the period. Finally, ICW Investment Advisors LLC raised its stake in shares of AbbVie by 0.4% during the 1st quarter. ICW Investment Advisors LLC now owns 22,739 shares of the company’s stock worth $2,461,000 after buying an additional 93 shares in the last quarter. Institutional investors and hedge funds own 65.98% of the company’s stock.

Several brokerages have commented on ABBV. Royal Bank of Canada assumed coverage on shares of AbbVie in a research report on Wednesday, April 7th. They set a $135.00 target price on the stock. SVB Leerink increased their price objective on shares of AbbVie from $140.00 to $144.00 and gave the company an “outperform” rating in a research note on Tuesday, March 30th. Mizuho increased their target price on AbbVie from $126.00 to $128.00 and gave the company a “buy” rating in a report on Monday, May 3rd. Piper Sandler upped their price objective on AbbVie from $120.00 to $124.00 and gave the company an “overweight” rating in a research report on Friday, April 30th. Finally, BMO Capital Markets boosted their target price on shares of AbbVie from $127.00 to $129.00 and gave the company an “outperform” rating in a research note on Monday, May 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have given a buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and an average target price of $120.25.

ABBV traded up $0.45 during trading on Thursday, hitting $117.44. 173,238 shares of the company’s stock were exchanged, compared to its average volume of 5,892,503. AbbVie Inc. has a 1 year low of $79.11 and a 1 year high of $118.35. The stock’s 50 day moving average is $114.98. The stock has a market capitalization of $207.42 billion, a price-to-earnings ratio of 41.40, a P/E/G ratio of 1.74 and a beta of 0.83. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 5.40.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, April 29th. The company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.12. The firm had revenue of $13.01 billion during the quarter, compared to the consensus estimate of $12.84 billion. AbbVie had a return on equity of 136.75% and a net margin of 10.28%. The firm’s quarterly revenue was up 50.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.42 EPS. Sell-side analysts forecast that AbbVie Inc. will post 12.62 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 16th. Stockholders of record on Thursday, July 15th will be paid a $1.30 dividend. The ex-dividend date is Wednesday, July 14th. This represents a $5.20 annualized dividend and a dividend yield of 4.43%. AbbVie’s dividend payout ratio (DPR) is presently 49.24%.

In other news, SVP Carrie C. Strom sold 4,184 shares of AbbVie stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $112.40, for a total transaction of $470,281.60. Following the sale, the senior vice president now directly owns 63,409 shares of the company’s stock, valued at $7,127,171.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.09% of the company’s stock.

About AbbVie

AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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