MJP Associates Inc. ADV decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 39.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 5,006 shares of the company’s stock after selling 3,252 shares during the quarter. MJP Associates Inc. ADV’s holdings in AbbVie were worth $674,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of ABBV. Geode Capital Management LLC boosted its stake in shares of AbbVie by 0.9% during the 1st quarter. Geode Capital Management LLC now owns 34,045,021 shares of the company’s stock valued at $5,414,143,000 after buying an additional 292,512 shares during the period. Morgan Stanley raised its holdings in shares of AbbVie by 17.9% during the fourth quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after acquiring an additional 4,785,277 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its position in AbbVie by 89,097.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after purchasing an additional 29,170,366 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in AbbVie by 138.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 21,536,656 shares of the company’s stock valued at $3,432,297,000 after purchasing an additional 12,515,744 shares in the last quarter. Finally, Norges Bank acquired a new position in AbbVie in the 4th quarter worth about $3,033,348,000. 67.86% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on the company. StockNews.com began coverage on AbbVie in a research note on Thursday, August 17th. They issued a “strong-buy” rating for the company. Piper Jaffray Companies raised their price target on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. William Blair began coverage on shares of AbbVie in a report on Tuesday, July 25th. They issued a “market perform” rating for the company. Piper Sandler boosted their price target on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. Finally, TheStreet raised AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.79.
Insider Activity at AbbVie
In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the transaction, the chief executive officer now owns 625,294 shares in the company, valued at $93,262,600.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by insiders.
AbbVie Stock Up 1.2 %
ABBV stock opened at $153.93 on Tuesday. The business’s 50-day simple moving average is $146.42 and its 200 day simple moving average is $147.44. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33. The company has a market cap of $271.69 billion, a PE ratio of 31.67, a price-to-earnings-growth ratio of 2.79 and a beta of 0.58. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $168.11.
AbbVie (NYSE:ABBV – Get Free Report) last issued its earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The business had revenue of $13.87 billion during the quarter, compared to analyst estimates of $13.52 billion. On average, research analysts anticipate that AbbVie Inc. will post 11.03 earnings per share for the current year.
AbbVie Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $5.92 annualized dividend and a dividend yield of 3.85%. AbbVie’s dividend payout ratio (DPR) is currently 121.81%.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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