KMG Fiduciary Partners LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 51,842 shares of the company’s stock after selling 1,575 shares during the period. AbbVie comprises 1.5% of KMG Fiduciary Partners LLC’s investment portfolio, making the stock its 13th biggest position. KMG Fiduciary Partners LLC’s holdings in AbbVie were worth $7,940,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of ABBV. Capital International Investors grew its position in shares of AbbVie by 162.6% during the 1st quarter. Capital International Investors now owns 30,497,767 shares of the company’s stock valued at $4,943,993,000 after acquiring an additional 18,882,699 shares during the period. Norges Bank bought a new position in AbbVie in the 4th quarter worth approximately $2,433,269,000. Vanguard Group Inc. boosted its holdings in AbbVie by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 150,518,780 shares of the company’s stock worth $24,400,600,000 after buying an additional 4,206,711 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in AbbVie by 426.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after buying an additional 3,768,579 shares during the period. Finally, State Street Corp boosted its holdings in AbbVie by 3.4% in the 4th quarter. State Street Corp now owns 79,357,705 shares of the company’s stock worth $10,745,033,000 after buying an additional 2,597,076 shares during the period. 68.25% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several research analysts recently commented on the stock. Barclays cut their price objective on shares of AbbVie to $160.00 in a report on Tuesday, August 9th. Atlantic Securities cut their price objective on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating for the company in a report on Monday, August 1st. Piper Sandler lowered their target price on shares of AbbVie from $160.00 to $155.00 in a research note on Friday, July 29th. Morgan Stanley lowered their target price on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating on the stock in a research note on Monday, August 1st. Finally, UBS Group lowered their target price on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating on the stock in a research note on Monday, August 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $159.35.
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Rating) last issued its earnings results on Friday, July 29th. The company reported $3.51 EPS for the quarter, topping analysts’ consensus estimates of $3.42 by $0.09. The company had revenue of $14.58 billion for the quarter, compared to analysts’ expectations of $14.64 billion. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The firm’s revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the company earned $3.11 EPS. Research analysts anticipate that AbbVie Inc. will post 14.05 earnings per share for the current year.
AbbVie Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Thursday, October 13th. AbbVie’s dividend payout ratio (DPR) is presently 79.89%.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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