Plato Investment Management Ltd grew its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 9.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 61,586 shares of the company’s stock after purchasing an additional 5,154 shares during the quarter. AbbVie makes up 0.9% of Plato Investment Management Ltd’s holdings, making the stock its 18th biggest holding. Plato Investment Management Ltd’s holdings in AbbVie were worth $15,407,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. ACT Advisors LLC. increased its position in shares of AbbVie by 2.5% during the second quarter. ACT Advisors LLC. now owns 1,688 shares of the company’s stock worth $425,000 after acquiring an additional 41 shares during the period. Willner & Heller LLC boosted its holdings in AbbVie by 0.7% in the second quarter. Willner & Heller LLC now owns 5,852 shares of the company’s stock valued at $1,472,000 after purchasing an additional 43 shares during the period. B.O.S.S. Retirement Advisors LLC boosted its holdings in AbbVie by 3.1% in the second quarter. B.O.S.S. Retirement Advisors LLC now owns 1,427 shares of the company’s stock valued at $359,000 after purchasing an additional 43 shares during the period. Fielder Capital Group LLC grew its stake in AbbVie by 1.7% during the 2nd quarter. Fielder Capital Group LLC now owns 2,532 shares of the company’s stock worth $637,000 after purchasing an additional 43 shares in the last quarter. Finally, Leslie Global Wealth LLC increased its holdings in AbbVie by 1.5% during the 2nd quarter. Leslie Global Wealth LLC now owns 2,983 shares of the company’s stock worth $751,000 after purchasing an additional 44 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Stock Performance
ABBV opened at $258.23 on Friday. AbbVie Inc. has a one year low of $190.75 and a one year high of $267.47. The company has a market cap of $456.24 billion, a P/E ratio of 72.95, a PEG ratio of 0.87 and a beta of 0.30. The business’s 50-day simple moving average is $251.87 and its 200-day simple moving average is $228.68.
AbbVie Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th were given a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Wednesday, July 15th. AbbVie’s payout ratio is currently 195.48%.
Insider Activity
In other news, EVP Nicholas Donoghoe sold 32,710 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the transaction, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. This represents a 30.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.06% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently issued reports on ABBV. Erste Group Bank upgraded AbbVie from a “hold” rating to a “buy” rating in a research note on Wednesday, August 5th. Barclays upped their target price on shares of AbbVie from $275.00 to $300.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price target on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Piper Sandler boosted their price target on shares of AbbVie from $298.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Finally, Canaccord Genuity Group increased their price objective on shares of AbbVie from $282.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $275.95.
Get Our Latest Stock Analysis on ABBV
Key Stories Impacting AbbVie
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie submitted an application to the European Medicines Agency for subcutaneous induction of SKYRIZI in adults with moderately to severely active Crohn’s disease. The filing, supported by positive Phase 3 AFFIRM data, could expand SKYRIZI’s European Crohn’s disease label and offer patients a less invasive alternative to intravenous induction. AbbVie Submits Regulatory Application to EMA for SKYRIZI Subcutaneous Induction
- Positive Sentiment: The company’s inclusion in articles highlighting reliable dividend stocks reinforces AbbVie’s appeal to income-focused investors. Its dividend profile and defensive healthcare exposure may provide support, particularly during periods of economic or inflation uncertainty. 3 Dividend Stocks, 12 Paychecks a Year
- Positive Sentiment: Ken Griffin reportedly increased his AbbVie stake by 547% during the second quarter, signaling confidence from a prominent institutional investor in the company’s dividend and long-term prospects. Ken Griffin Increased His Stake in AbbVie
- Neutral Sentiment: AbbVie’s patient-support efforts, including an immunology scholarship program, strengthen its public-facing support initiatives but are unlikely to materially affect near-term earnings or valuation. AbbVie’s Immunology Scholarship Program
- Negative Sentiment: Valuation concerns may be limiting upside. AbbVie has rallied significantly and is trading at a premium, prompting debate over whether future growth from SKYRIZI and the broader pipeline can justify the stock’s price. Has AbbVie Stock Become Too Expensive to Buy?
AbbVie Profile
AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.
AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.
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