AbbVie Inc. (NYSE:ABBV) Shares Acquired by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd grew its stake in AbbVie Inc. (NYSE:ABBV) by 53.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,687 shares of the company’s stock after acquiring an additional 1,978 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in AbbVie were worth $1,192,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Abound Financial LLC acquired a new stake in shares of AbbVie in the 1st quarter worth $30,000. EnRich Financial Partners LLC increased its stake in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after acquiring an additional 110 shares during the last quarter. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the 1st quarter worth $35,000. Pinney & Scofield Inc. acquired a new stake in shares of AbbVie in the 4th quarter worth $36,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of AbbVie in the 1st quarter worth $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of AbbVie stock opened at $195.17 on Friday. The business has a 50-day moving average of $188.33 and a 200 day moving average of $190.30. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The stock has a market capitalization of $344.75 billion, a price-to-earnings ratio of 92.94, a price-to-earnings-growth ratio of 1.29 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 518.10%. AbbVie’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.65 EPS. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.4%. AbbVie’s dividend payout ratio (DPR) is currently 279.15%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald assumed coverage on AbbVie in a report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price target for the company. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Guggenheim increased their price target on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a report on Friday. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Finally, Evercore ISI increased their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $212.81.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.