Charles Schwab Investment Management Inc. Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Charles Schwab Investment Management Inc. reduced its stake in AbbVie Inc. (NYSE:ABBV) by 4.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,836,797 shares of the company’s stock after selling 1,137,780 shares during the period. AbbVie makes up about 0.9% of Charles Schwab Investment Management Inc.’s holdings, making the stock its 16th largest holding. Charles Schwab Investment Management Inc. owned 1.35% of AbbVie worth $4,706,951,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of ABBV. International Assets Investment Management LLC increased its stake in AbbVie by 1,745.0% in the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock worth $933,698,000 after buying an additional 4,471,806 shares in the last quarter. Capital World Investors boosted its holdings in AbbVie by 249.1% during the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after buying an additional 3,120,310 shares in the last quarter. Swedbank AB acquired a new position in shares of AbbVie during the first quarter valued at approximately $367,372,000. Price T Rowe Associates Inc. MD boosted its holdings in AbbVie by 13.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,744,190 shares of the company’s stock valued at $1,956,518,000 after purchasing an additional 1,291,201 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in AbbVie by 12.8% during the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock worth $1,984,490,000 after acquiring an additional 1,240,434 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.2 %

ABBV opened at $167.45 on Thursday. 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 firm has a market cap of $295.91 billion, a P/E ratio of 58.24, a PEG ratio of 2.03 and a beta of 0.63. The business’s fifty day simple moving average is $190.25 and its 200 day simple moving average is $181.01. AbbVie Inc. has a 52 week low of $137.65 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.95 EPS. As a group, equities research analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Citigroup decreased their price objective on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. JPMorgan Chase & Co. cut their price target on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. BMO Capital Markets cut their target price on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. Morgan Stanley reduced their price objective on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Finally, Wolfe Research initiated coverage on AbbVie in a research note on Friday, November 15th. They issued an “outperform” rating and a $205.00 price objective on the stock. Three investment 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 stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price of $203.37.

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.