KMG Fiduciary Partners LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 51,842 shares of the company’s stock after selling 1,575 shares during the quarter. AbbVie accounts for approximately 1.5% of KMG Fiduciary Partners LLC’s portfolio, making the stock its 13th biggest holding. KMG Fiduciary Partners LLC’s holdings in AbbVie were worth $7,940,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in AbbVie by 2.9% during the first quarter. Vanguard Group Inc. now owns 150,518,780 shares of the company’s stock valued at $24,400,600,000 after buying an additional 4,206,711 shares during the period. BlackRock Inc. boosted its position in shares of AbbVie by 1.1% in the first quarter. BlackRock Inc. now owns 129,630,878 shares of the company’s stock worth $21,014,462,000 after purchasing an additional 1,433,324 shares during the period. State Street Corp boosted its position in shares of AbbVie by 3.4% in the fourth quarter. State Street Corp now owns 79,357,705 shares of the company’s stock worth $10,745,033,000 after purchasing an additional 2,597,076 shares during the period. Capital International Investors boosted its position in shares of AbbVie by 162.6% in the first quarter. Capital International Investors now owns 30,497,767 shares of the company’s stock worth $4,943,993,000 after purchasing an additional 18,882,699 shares during the period. Finally, Norges Bank bought a new position in shares of AbbVie in the fourth quarter worth approximately $2,433,269,000. 68.25% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on ABBV. UBS Group dropped their price target on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating for the company in a research report on Monday, August 1st. Piper Sandler dropped their price target on shares of AbbVie from $160.00 to $155.00 in a research report on Friday, July 29th. Atlantic Securities dropped their price target on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating for the company in a research report on Monday, August 1st. Barclays dropped their price target on shares of AbbVie to $160.00 in a research report on Tuesday, August 9th. Finally, Morgan Stanley dropped their price target on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating for the company in a research report on Monday, August 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $159.35.
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Rating) last announced its earnings results on Friday, July 29th. The company reported $3.51 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.09. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The business had revenue of $14.58 billion for the quarter, compared to the consensus estimate of $14.64 billion. During the same quarter in the prior year, the firm posted $3.11 earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. Sell-side analysts forecast that AbbVie Inc. will post 14.05 EPS for the current fiscal year.
AbbVie Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a $1.41 dividend. This represents a $5.64 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Thursday, October 13th. AbbVie’s dividend payout ratio is currently 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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