Deane Retirement Strategies Inc. Reduces Holdings in AbbVie Inc (NYSE:ABBV)

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Deane Retirement Strategies Inc. decreased its position in shares of AbbVie Inc (NYSE:ABBV) by 29.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 22,425 shares of the company’s stock after selling 9,452 shares during the period. AbbVie makes up about 1.4% of Deane Retirement Strategies Inc.’s investment portfolio, making the stock its 14th biggest position. Deane Retirement Strategies Inc.’s holdings in AbbVie were worth $1,986,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC increased its position in shares of AbbVie by 1,715.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 9,593,845 shares of the company’s stock worth $697,664,000 after purchasing an additional 9,065,487 shares during the last quarter. BlackRock Inc. boosted its stake in AbbVie by 3.3% during the 2nd quarter. BlackRock Inc. now owns 98,295,272 shares of the company’s stock valued at $7,148,030,000 after purchasing an additional 3,100,309 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in AbbVie by 81.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,176,070 shares of the company’s stock valued at $376,404,000 after purchasing an additional 2,326,510 shares during the period. Man Group plc boosted its stake in AbbVie by 168.9% during the 2nd quarter. Man Group plc now owns 2,605,268 shares of the company’s stock valued at $189,456,000 after purchasing an additional 1,636,248 shares during the period. Finally, State Street Corp boosted its stake in AbbVie by 2.3% during the 3rd quarter. State Street Corp now owns 68,783,527 shares of the company’s stock valued at $5,208,289,000 after purchasing an additional 1,516,048 shares during the period. 70.42% of the stock is currently owned by hedge funds and other institutional investors.

ABBV stock opened at $89.26 on Thursday. AbbVie Inc has a 52 week low of $62.66 and a 52 week high of $91.99. The company has a market capitalization of $130.43 billion, a price-to-earnings ratio of 11.28, a price-to-earnings-growth ratio of 2.08 and a beta of 0.97. The firm’s 50-day moving average is $88.51 and its two-hundred day moving average is $76.87.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, November 1st. The company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.04. AbbVie had a net margin of 9.90% and a negative return on equity of 155.96%. The company had revenue of $8.48 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm earned $2.14 EPS. AbbVie’s revenue was up 3.0% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie Inc will post 8.95 EPS for the current year.

The firm also recently announced a — dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.18 dividend. This is an increase from AbbVie’s previous — dividend of $1.07. This represents a dividend yield of 5.93%. The ex-dividend date of this dividend is Tuesday, January 14th. AbbVie’s payout ratio is presently 59.67%.

A number of research firms have issued reports on ABBV. Citigroup boosted their target price on shares of AbbVie from $90.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. ValuEngine raised shares of AbbVie from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Royal Bank of Canada began coverage on shares of AbbVie in a research note on Monday, January 6th. They set a “sector perform” rating and a $86.00 target price for the company. Cowen boosted their target price on shares of AbbVie from $90.00 to $98.00 and gave the company an “outperform” rating in a research note on Thursday, December 26th. Finally, Bank of America lowered shares of AbbVie from a “buy” rating to a “neutral” rating in a research note on Friday, January 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $86.33.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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