Acadian Asset Management LLC lowered its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 26.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 305,063 shares of the company’s stock after selling 108,255 shares during the period. Acadian Asset Management LLC’s holdings in AbbVie were worth $41,078,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently modified their holdings of the company. Kalos Management Inc. purchased a new stake in shares of AbbVie in the 1st quarter valued at approximately $26,000. Miller Wealth Advisors LLC boosted its position in shares of AbbVie by 140.0% in the second quarter. Miller Wealth Advisors LLC now owns 240 shares of the company’s stock worth $32,000 after buying an additional 140 shares during the period. Stone House Investment Management LLC purchased a new position in shares of AbbVie during the first quarter valued at $37,000. Sanctuary Wealth Management L.L.C. acquired a new position in AbbVie during the second quarter valued at $39,000. Finally, True Wealth Design LLC purchased a new stake in AbbVie in the 4th quarter worth about $39,000. Institutional investors and hedge funds own 67.86% of the company’s stock.
Analyst Upgrades and Downgrades
ABBV has been the topic of several research analyst reports. Barclays raised AbbVie from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $160.00 to $170.00 in a research note on Monday, October 30th. Morgan Stanley boosted their price target on AbbVie from $193.00 to $196.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. UBS Group reduced their price objective on shares of AbbVie from $157.00 to $150.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. StockNews.com initiated coverage on AbbVie in a report on Thursday, October 5th. They set a “strong-buy” rating on the stock. Finally, William Blair started coverage on AbbVie in a research note on Tuesday, July 25th. They set a “market perform” rating for the company. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $167.06.
Get Our Latest Stock Analysis on AbbVie
AbbVie Stock Performance
NYSE:ABBV opened at $141.78 on Monday. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $168.11. The firm has a market capitalization of $250.25 billion, a PE ratio of 38.75, a price-to-earnings-growth ratio of 2.53 and a beta of 0.51. The firm has a 50-day moving average price of $148.25 and a 200 day moving average price of $145.30. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33.
AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings results on Friday, October 27th. The company reported $2.95 EPS for the quarter, beating the consensus estimate of $2.86 by $0.09. The business had revenue of $13.93 billion for the quarter, compared to analyst estimates of $13.72 billion. AbbVie had a return on equity of 146.47% and a net margin of 11.81%. AbbVie’s quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.66 EPS. Research analysts anticipate that AbbVie Inc. will post 11.24 earnings per share for the current fiscal year.
AbbVie Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be given a $1.55 dividend. The ex-dividend date is Friday, January 12th. This is a positive change from AbbVie’s previous quarterly dividend of $1.48. This represents a $6.20 dividend on an annualized basis and a yield of 4.37%. AbbVie’s payout ratio is 162.19%.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet’s diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn’s disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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