Invst LLC Lowers Holdings in AbbVie Inc. (NYSE:ABBV)

Invst LLC trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 18.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,359 shares of the company’s stock after selling 736 shares during the quarter. Invst LLC’s holdings in AbbVie were worth $607,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ABBV. Vanguard Group Inc. raised its position in shares of AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after acquiring an additional 9,978,415 shares during the period. Capital International Investors raised its position in shares of AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after purchasing an additional 3,110,601 shares during the last quarter. Capital Research Global Investors raised its position in shares of AbbVie by 3.3% during the 1st quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock worth $5,698,847,000 after purchasing an additional 992,496 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after purchasing an additional 1,702,415 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of AbbVie during the 4th quarter worth about $3,229,888,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ABBV. Truist Financial restated a “buy” rating and set a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Barclays upped their price target on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Piper Sandler restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday, July 2nd. Wells Fargo & Company upped their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, BMO Capital Markets upped their price objective on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $188.71.

AbbVie Trading Down 0.2 %

Shares of AbbVie stock traded down $0.42 during mid-day trading on Friday, hitting $189.29. The stock had a trading volume of 6,303,909 shares, compared to its average volume of 5,147,175. The firm has a 50-day moving average of $170.28 and a two-hundred day moving average of $170.36. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $193.91. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The firm has a market cap of $334.26 billion, a P/E ratio of 56.17, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company posted $2.91 EPS. Sell-side analysts forecast that AbbVie Inc. will post 10.87 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.28%. AbbVie’s payout ratio is currently 183.98%.

AbbVie Company 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.