abrdn plc lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 3.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 4,712,142 shares of the company’s stock after buying an additional 144,264 shares during the quarter. AbbVie makes up 1.2% of abrdn plc’s portfolio, making the stock its 10th biggest position. abrdn plc owned approximately 0.27% of AbbVie worth $530,775,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of ABBV. SFE Investment Counsel lifted its stake in AbbVie by 3.0% in the second quarter. SFE Investment Counsel now owns 46,273 shares of the company’s stock valued at $5,212,000 after buying an additional 1,337 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its position in AbbVie by 28.3% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 26,201 shares of the company’s stock valued at $2,951,000 after purchasing an additional 5,772 shares during the last quarter. Wintrust Investments LLC boosted its stake in AbbVie by 1.3% during the 2nd quarter. Wintrust Investments LLC now owns 26,113 shares of the company’s stock valued at $2,941,000 after purchasing an additional 339 shares during the period. Isthmus Partners LLC bought a new position in AbbVie in the 2nd quarter worth about $183,000. Finally, Wealthquest Corp increased its stake in shares of AbbVie by 24.3% in the second quarter. Wealthquest Corp now owns 8,371 shares of the company’s stock valued at $942,000 after purchasing an additional 1,638 shares during the period. 65.82% of the stock is owned by institutional investors and hedge funds.
ABBV has been the topic of several analyst reports. Barclays raised their target price on AbbVie from $105.00 to $112.00 and gave the company an “equal weight” rating in a research report on Monday, August 2nd. Truist Securities assumed coverage on shares of AbbVie in a research note on Tuesday, July 27th. They set a “buy” rating and a $117.00 price objective on the stock. SVB Leerink reduced their price objective on shares of AbbVie from $148.00 to $142.00 and set an “outperform” rating for the company in a report on Thursday, September 2nd. Truist began coverage on shares of AbbVie in a research note on Tuesday, July 27th. They set a “buy” rating and a $124.08 target price on the stock. Finally, Daiwa Capital Markets initiated coverage on shares of AbbVie in a research note on Friday, July 2nd. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $123.47.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 29th. The company reported $3.11 EPS for the quarter, topping the Zacks’ consensus estimate of $3.09 by $0.02. The firm had revenue of $13.96 billion during the quarter, compared to analyst estimates of $13.64 billion. AbbVie had a return on equity of 154.24% and a net margin of 12.40%. The business’s quarterly revenue was up 33.9% compared to the same quarter last year. During the same period last year, the company posted $2.34 EPS. On average, analysts predict that AbbVie Inc. will post 12.64 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Friday, October 15th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.80%. The ex-dividend date of this dividend is Thursday, October 14th. AbbVie’s dividend payout ratio is currently 49.24%.
In related news, SVP Carrie C. Strom sold 5,057 shares of AbbVie stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $120.00, for a total transaction of $606,840.00. Following the completion of the sale, the senior vice president now owns 11,595 shares of the company’s stock, valued at $1,391,400. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.09% of the company’s stock.
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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