Principal Financial Group Inc. Lowers Stock Position in AbbVie Inc. (NYSE:ABBV)

Principal Financial Group Inc. cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,648,506 shares of the company’s stock after selling 29,499 shares during the period. Principal Financial Group Inc. owned 0.15% of AbbVie worth $298,328,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. OLD Mission Capital LLC purchased a new stake in AbbVie during the third quarter worth $242,000. Camden National Bank lifted its holdings in AbbVie by 2.3% during the fourth quarter. Camden National Bank now owns 10,924 shares of the company’s stock valued at $1,171,000 after purchasing an additional 245 shares in the last quarter. Fort Washington Investment Advisors Inc. OH lifted its holdings in AbbVie by 1.3% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 143,194 shares of the company’s stock valued at $15,497,000 after purchasing an additional 1,821 shares in the last quarter. Congress Asset Management Co. MA lifted its holdings in AbbVie by 2.9% during the first quarter. Congress Asset Management Co. MA now owns 96,220 shares of the company’s stock valued at $10,413,000 after purchasing an additional 2,681 shares in the last quarter. Finally, Destination Wealth Management lifted its holdings in AbbVie by 96.0% during the first quarter. Destination Wealth Management now owns 3,779 shares of the company’s stock valued at $409,000 after purchasing an additional 1,851 shares in the last quarter. 65.82% of the stock is currently owned by hedge funds and other institutional investors.

In related news, SVP Carrie C. Strom sold 5,057 shares of AbbVie stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $120.00, for a total value of $606,840.00. Following the completion of the transaction, the senior vice president now owns 11,595 shares in the company, valued at $1,391,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.09% of the company’s stock.

Shares of ABBV opened at $106.59 on Wednesday. AbbVie Inc. has a 1-year low of $79.11 and a 1-year high of $121.53. The stock has a market cap of $188.36 billion, a PE ratio of 28.70, a P/E/G ratio of 2.01 and a beta of 0.82. The firm has a 50-day simple moving average of $115.79 and a two-hundred day simple moving average of $112.80. The company has a debt-to-equity ratio of 5.89, a current ratio of 0.91 and a quick ratio of 0.79.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 29th. The company reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.02. AbbVie had a net margin of 12.40% and a return on equity of 154.24%. The business had revenue of $13.96 billion during the quarter, compared to analysts’ expectations of $13.64 billion. During the same period last year, the business earned $2.34 earnings per share. The business’s revenue for the quarter was up 33.9% on a year-over-year basis. As a group, sell-side analysts expect that AbbVie Inc. will post 12.64 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 15th. Investors of record on Friday, October 15th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date is Thursday, October 14th. AbbVie’s dividend payout ratio (DPR) is currently 49.24%.

ABBV has been the topic of several recent analyst reports. Barclays increased their price objective on shares of AbbVie from $105.00 to $112.00 and gave the company an “equal weight” rating in a report on Monday, August 2nd. Truist started coverage on shares of AbbVie in a research note on Tuesday, July 27th. They issued a “buy” rating and a $124.08 price target on the stock. Morgan Stanley reissued a “buy” rating and issued a $116.00 price target on shares of AbbVie in a research note on Friday, August 20th. SVB Leerink decreased their price target on shares of AbbVie from $148.00 to $142.00 and set an “outperform” rating on the stock in a research note on Thursday, September 2nd. Finally, Mizuho raised their price target on shares of AbbVie from $128.00 to $131.00 and gave the stock a “buy” rating in a research note on Monday, August 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $123.47.

AbbVie Profile

AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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