M&G PLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 19.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 467,539 shares of the company’s stock after selling 111,908 shares during the quarter. M&G PLC’s holdings in AbbVie were worth $122,495,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in ABBV. Vestor Capital LLC acquired a new position in shares of AbbVie during the third quarter worth approximately $210,223,000. AlphaCore Capital LLC raised its stake in AbbVie by 11.2% during the 3rd quarter. AlphaCore Capital LLC now owns 50,568 shares of the company’s stock valued at $13,228,000 after acquiring an additional 5,092 shares in the last quarter. Palacios Wealth Management LLC boosted its position in AbbVie by 1.2% during the 3rd quarter. Palacios Wealth Management LLC now owns 6,393 shares of the company’s stock worth $1,672,000 after acquiring an additional 75 shares during the period. Clear Wave Wealth Management LLC grew its stake in shares of AbbVie by 5.6% in the third quarter. Clear Wave Wealth Management LLC now owns 1,426 shares of the company’s stock worth $373,000 after purchasing an additional 76 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC increased its holdings in shares of AbbVie by 6.6% during the third quarter. Kohmann Bosshard Financial Services LLC now owns 2,607 shares of the company’s stock valued at $682,000 after purchasing an additional 161 shares during the period. 70.23% of the stock is currently owned by institutional investors.
Insider Transactions at AbbVie
In related news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president directly owned 74,430 shares of the company’s stock, valued at $18,607,500. This trade represents a 30.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.06% of the stock is owned by corporate insiders.
AbbVie Trading Up 0.5%
NYSE:ABBV opened at $292.87 on Tuesday. The firm has a market capitalization of $517.69 billion, a PE ratio of 50.41, a PEG ratio of 1.34 and a beta of 0.20. AbbVie Inc. has a 1 year low of $190.75 and a 1 year high of $302.93. The firm’s fifty day simple moving average is $272.71 and its 200 day simple moving average is $239.42.
AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Friday, October 30th. The company reported $3.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.73 by $0.09. AbbVie had a net margin of 15.67% and a negative return on equity of 450.55%. The company had revenue of $17.40 billion for the quarter, compared to analyst estimates of $17.32 billion. During the same period last year, the business posted $1.86 EPS. The business’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc. will post 13.99 EPS for the current fiscal year.
AbbVie Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Investors of record on Friday, January 15th will be given a dividend of $1.82 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.73. The ex-dividend date is Friday, January 15th. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.5%. AbbVie’s dividend payout ratio is 119.10%.
Analyst Ratings Changes
Several equities research analysts recently weighed in on ABBV shares. Leerink Partners upped their price objective on shares of AbbVie from $309.00 to $342.00 and gave the stock an “outperform” rating in a report on Monday, November 2nd. Argus boosted their price target on shares of AbbVie from $250.00 to $270.00 in a research report on Tuesday, August 4th. The Goldman Sachs Group raised their price objective on shares of AbbVie from $258.00 to $294.00 and gave the company a “neutral” rating in a research note on Friday, October 23rd. Canaccord Genuity Group boosted their target price on AbbVie from $290.00 to $338.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. Finally, Guggenheim upped their target price on AbbVie from $288.00 to $322.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $297.46.
Get Our Latest Research Report on AbbVie
AbbVie Company Profile
AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.
Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.
AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.
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