Connor Clark & Lunn Investment Management Ltd. acquired a new stake in AbbVie Inc. (NYSE:ABBV – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 751,485 shares of the company’s stock, valued at approximately $189,104,000.
Other institutional investors have also added to or reduced their stakes in the company. Capital Square LLC purchased a new stake in AbbVie during the second quarter valued at about $262,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of AbbVie in the second quarter worth about $23,872,000. Clarion Wealth Managment Partners LLC purchased a new position in shares of AbbVie in the second quarter worth about $924,000. Te Ahumairangi Investment Management Ltd bought a new stake in shares of AbbVie in the second quarter valued at approximately $5,305,000. Finally, Mission Financial Group LLC bought a new stake in shares of AbbVie in the second quarter valued at approximately $577,000. 70.23% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research analysts recently commented on ABBV shares. Wells Fargo & Company raised their price objective on shares of AbbVie from $295.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Piper Sandler boosted their target price on shares of AbbVie from $298.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. BMO Capital Markets increased their target price on AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $296.00 price target on shares of AbbVie in a report on Monday, August 3rd. Finally, Citigroup lifted their price target on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Two 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 company has an average rating of “Moderate Buy” and an average price target of $275.95.
AbbVie Trading Up 0.6%
ABBV stock opened at $261.50 on Thursday. The firm has a 50 day moving average of $254.23 and a 200-day moving average of $229.67. The firm has a market capitalization of $462.02 billion, a P/E ratio of 73.87, a price-to-earnings-growth ratio of 1.18 and a beta of 0.29. AbbVie Inc. has a 12 month low of $190.75 and a 12 month high of $267.47.
AbbVie (NYSE:ABBV – Get Free Report) last posted its earnings results on Friday, July 31st. The company reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates of $3.61 by $0.04. AbbVie had a net margin of 9.80% and a negative return on equity of 422.07%. The business had revenue of $16.99 billion for the quarter, compared to analyst estimates of $16.80 billion. During the same quarter in the prior year, the firm posted $2.97 EPS. AbbVie’s revenue was up 10.2% on a year-over-year basis. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. Sell-side analysts predict that AbbVie Inc. will post 14.05 EPS for the current year.
AbbVie Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th were issued a $1.73 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.6%. AbbVie’s dividend payout ratio is presently 195.48%.
Insider Buying and Selling at AbbVie
In related news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total value of $8,177,500.00. Following the sale, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.06% of the company’s stock.
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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