111,908 AbbVie Inc. $ABBV Shares Sold by M&G PLC

M&G PLC lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 19.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 467,539 shares of the company’s stock after selling 111,908 shares during the period. M&G PLC’s holdings in AbbVie were worth $122,495,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Burk Holdings LLC purchased a new stake in AbbVie during the 2nd quarter worth $30,000. Marquette Asset Management LLC lifted its holdings in AbbVie by 52.2% in the 2nd quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock worth $35,000 after buying an additional 48 shares in the last quarter. Principia Wealth Advisory LLC lifted its holdings in AbbVie by 38.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock worth $40,000 after buying an additional 44 shares in the last quarter. IMG Wealth Management Inc. boosted its position in AbbVie by 3,060.0% in the 2nd quarter. IMG Wealth Management Inc. now owns 158 shares of the company’s stock valued at $40,000 after buying an additional 153 shares during the last quarter. Finally, Tacita Capital Inc purchased a new position in AbbVie in the 2nd quarter valued at about $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on ABBV shares. UBS Group raised their target price on AbbVie from $275.00 to $295.00 and gave the company a “neutral” rating in a research note on Monday, November 2nd. Bank of America reiterated a “buy” rating on shares of AbbVie in a research note on Tuesday, September 8th. Citigroup lifted their price objective on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Cantor Fitzgerald raised their price target on shares of AbbVie from $290.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Finally, Rothschild & Co Redburn lifted their price target on shares of AbbVie from $284.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $297.46.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction on 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 sale, the executive vice president directly owned 74,430 shares of the company’s stock, valued at approximately $18,607,500. This represents a 30.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.06% of the company’s stock.

AbbVie Stock Up 0.5%

Shares of AbbVie stock opened at $292.87 on Tuesday. The business has a 50-day moving average price of $272.71 and a 200 day moving average price of $239.42. AbbVie Inc. has a fifty-two week low of $190.75 and a fifty-two week high of $302.93. The firm has a market cap of $517.69 billion, a P/E ratio of 50.41, a P/E/G ratio of 1.34 and a beta of 0.20.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, topping the consensus estimate of $3.73 by $0.09. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The company had revenue of $17.40 billion during the quarter, compared to analyst estimates of $17.32 billion. During the same quarter last year, the firm earned $1.86 EPS. The business’s revenue was up 10.3% on a year-over-year basis. As a group, equities research analysts anticipate that AbbVie Inc. will post 13.99 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.73. This represents a $7.28 annualized dividend and a yield of 2.5%. AbbVie’s payout ratio is presently 119.10%.

AbbVie 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.