SFE Investment Counsel lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 3.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,273 shares of the company’s stock after purchasing an additional 1,337 shares during the quarter. AbbVie comprises about 1.4% of SFE Investment Counsel’s portfolio, making the stock its 27th biggest position. SFE Investment Counsel’s holdings in AbbVie were worth $5,212,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Franklin Resources Inc. grew its stake in shares of AbbVie by 95.0% during the 1st quarter. Franklin Resources Inc. now owns 9,272,436 shares of the company’s stock worth $1,003,464,000 after purchasing an additional 4,517,035 shares during the period. Morgan Stanley increased its position in shares of AbbVie by 14.7% in the first quarter. Morgan Stanley now owns 18,730,262 shares of the company’s stock valued at $2,026,989,000 after buying an additional 2,393,757 shares in the last quarter. Canada Pension Plan Investment Board raised its position in AbbVie by 291.1% during the first quarter. Canada Pension Plan Investment Board now owns 3,073,033 shares of the company’s stock worth $332,564,000 after acquiring an additional 2,287,225 shares during the period. BlackRock Inc. lifted its stake in AbbVie by 1.8% in the 1st quarter. BlackRock Inc. now owns 126,615,997 shares of the company’s stock valued at $13,702,386,000 after buying an additional 2,192,513 shares in the last quarter. Finally, Capital International Investors lifted its holdings in AbbVie by 23.2% in the 1st quarter. Capital International Investors now owns 9,700,024 shares of the company’s stock valued at $1,049,737,000 after purchasing an additional 1,828,403 shares in the last quarter. 65.82% of the stock is currently owned by institutional investors.
In related news, SVP Carrie C. Strom sold 5,057 shares of the company’s stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $120.00, for a total transaction of $606,840.00. Following the completion of the transaction, the senior vice president now owns 11,595 shares of the company’s stock, valued at $1,391,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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. The business had revenue of $13.96 billion during the quarter, compared to analyst estimates of $13.64 billion. AbbVie had a net margin of 12.40% and a return on equity of 154.24%. The company’s revenue was up 33.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.34 earnings per share. As a group, sell-side analysts forecast 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. Stockholders of record on Friday, October 15th will be given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date of this dividend is Thursday, October 14th. AbbVie’s dividend payout ratio is currently 49.24%.
Several equities research analysts have issued reports on the company. Truist started coverage on AbbVie in a research note on Tuesday, July 27th. They set a “buy” rating and a $124.08 target price for the company. Barclays lifted their price objective on AbbVie from $105.00 to $112.00 and gave the company an “equal weight” rating in a research note on Monday, August 2nd. Argus increased their target price on AbbVie from $130.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 5th. Mizuho lifted their price objective on shares of AbbVie from $128.00 to $131.00 and gave the company a “buy” rating in a report on Monday, August 2nd. Finally, Morgan Stanley reissued a “buy” rating and set a $116.00 price objective on shares of AbbVie in a research report on Friday, August 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $123.47.
AbbVie Company 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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