Fmr LLC Boosts Stock Position in AbbVie Inc. (NYSE:ABBV)

Fmr LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,630,404 shares of the company’s stock after purchasing an additional 511,470 shares during the period. Fmr LLC’s holdings in AbbVie were worth $2,691,732,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Legal & General Group Plc boosted its stake in AbbVie by 0.9% in the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock valued at $2,620,382,000 after acquiring an additional 134,239 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of AbbVie by 4.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock worth $1,842,642,000 after purchasing an additional 373,802 shares during the period. Dimensional Fund Advisors LP grew its holdings in AbbVie by 7.6% during the second quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock valued at $1,516,358,000 after purchasing an additional 623,569 shares during the period. Envestnet Asset Management Inc. grew its holdings in AbbVie by 8.2% during the second quarter. Envestnet Asset Management Inc. now owns 5,051,598 shares of the company’s stock valued at $866,450,000 after purchasing an additional 381,871 shares during the period. Finally, International Assets Investment Management LLC increased its position in AbbVie by 1,745.0% in the third 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 during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ABBV shares. BMO Capital Markets cut their price target on AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research note on Tuesday, November 12th. Truist Financial increased their target price on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. UBS Group boosted their price target on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Piper Sandler raised their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Finally, Morgan Stanley lowered their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $203.50.

AbbVie Stock Up 0.1 %

Shares of NYSE:ABBV opened at $177.06 on Tuesday. The firm has a fifty day moving average of $189.09 and a 200 day moving average of $181.44. AbbVie Inc. has a 52-week low of $137.65 and a 52-week high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The firm has a market capitalization of $312.89 billion, a PE ratio of 61.48, a price-to-earnings-growth ratio of 2.16 and a beta of 0.63.

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

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.70%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 227.78%.

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.