Sumitomo Mitsui DS Asset Management Company Ltd Reduces Position in AbbVie Inc (NYSE:ABBV)

Sumitomo Mitsui DS Asset Management Company Ltd cut its position in shares of AbbVie Inc (NYSE:ABBV) by 4.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 148,463 shares of the company’s stock after selling 6,554 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in AbbVie were worth $13,144,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in shares of AbbVie by 3.3% in the 2nd quarter. BlackRock Inc. now owns 98,295,272 shares of the company’s stock valued at $7,148,030,000 after purchasing an additional 3,100,309 shares in the last quarter. State Street Corp raised its holdings in shares of AbbVie by 2.3% in the 3rd quarter. State Street Corp now owns 68,783,527 shares of the company’s stock valued at $5,208,289,000 after purchasing an additional 1,516,048 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of AbbVie by 0.8% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,817,992 shares of the company’s stock valued at $440,538,000 after purchasing an additional 48,571 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of AbbVie by 81.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,176,070 shares of the company’s stock valued at $376,404,000 after purchasing an additional 2,326,510 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in shares of AbbVie by 22.0% in the 3rd quarter. California Public Employees Retirement System now owns 3,566,502 shares of the company’s stock valued at $270,056,000 after purchasing an additional 644,078 shares in the last quarter. 70.46% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently commented on the stock. Citigroup boosted their price objective on shares of AbbVie from $90.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Piper Jaffray Companies boosted their price objective on shares of AbbVie from $81.00 to $90.00 in a research note on Friday, November 1st. UBS Group boosted their price objective on shares of AbbVie from $79.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Royal Bank of Canada reiterated a “hold” rating and set a $86.00 price objective on shares of AbbVie in a research note on Thursday. Finally, Bank of America lowered shares of AbbVie from a “buy” rating to a “neutral” rating in a research note on Friday, January 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $86.33.

AbbVie stock traded down $1.80 during mid-day trading on Friday, reaching $83.47. 9,405,650 shares of the company traded hands, compared to its average volume of 6,635,899. AbbVie Inc has a fifty-two week low of $62.66 and a fifty-two week high of $91.99. The company has a market capitalization of $128.97 billion, a price-to-earnings ratio of 38.47, a price-to-earnings-growth ratio of 2.06 and a beta of 0.97. The firm’s fifty day moving average is $88.53 and its two-hundred day moving average is $77.44.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, November 1st. The company reported $2.33 EPS for the quarter, beating the consensus estimate of $2.29 by $0.04. The business had revenue of $8.48 billion for the quarter, compared to the consensus estimate of $8.37 billion. AbbVie had a net margin of 9.90% and a negative return on equity of 155.96%. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.14 EPS. Research analysts anticipate that AbbVie Inc will post 8.95 EPS for the current year.

The firm also recently disclosed a — dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.18 dividend. This is an increase from AbbVie’s previous — dividend of $1.07. This represents a dividend yield of 5.93%. The ex-dividend date is Tuesday, January 14th. AbbVie’s dividend payout ratio is 59.67%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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