Equitable Holdings Inc. Cuts Position in AbbVie Inc. (NYSE:ABBV)


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Equitable Holdings Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 25,741 shares of the company’s stock after selling 1,948 shares during the period. Equitable Holdings Inc.’s holdings in AbbVie were worth $2,758,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of ABBV. BlackRock Inc. lifted its position in shares of AbbVie by 2.0% during the 4th quarter. BlackRock Inc. now owns 124,423,484 shares of the company’s stock valued at $13,331,975,000 after acquiring an additional 2,406,847 shares during the period. Morgan Stanley grew its holdings in shares of AbbVie by 10.4% in the 3rd quarter. Morgan Stanley now owns 13,731,455 shares of the company’s stock worth $1,202,737,000 after acquiring an additional 1,296,673 shares during the period. UBS Asset Management Americas Inc. increased its stake in AbbVie by 4.9% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 9,175,157 shares of the company’s stock valued at $803,652,000 after purchasing an additional 426,045 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in AbbVie by 0.8% during the third quarter. Allianz Asset Management GmbH now owns 4,626,530 shares of the company’s stock worth $405,239,000 after purchasing an additional 37,011 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in AbbVie by 4.7% during the fourth quarter. California Public Employees Retirement System now owns 4,439,104 shares of the company’s stock worth $475,650,000 after purchasing an additional 200,682 shares in the last quarter. Institutional investors own 67.49% of the company’s stock.

Several research firms have recently issued reports on ABBV. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $114.00 price target for the company in a research note on Tuesday, February 9th. Morgan Stanley reduced their price target on shares of AbbVie from $120.00 to $116.00 and set an “overweight” rating on the stock in a report on Thursday, January 28th. SVB Leerink increased their price target on shares of AbbVie from $128.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, February 4th. Mizuho lifted their price objective on AbbVie from $117.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, February 4th. They noted that the move was a valuation call. Finally, BMO Capital Markets initiated coverage on AbbVie in a report on Wednesday, November 18th. They set an “outperform” rating and a $123.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the stock. AbbVie has an average rating of “Buy” and a consensus price target of $114.39.

NYSE ABBV opened at $107.06 on Tuesday. The business’s 50-day moving average price is $107.18 and its 200 day moving average price is $97.93. The company has a current ratio of 0.95, a quick ratio of 0.81 and a debt-to-equity ratio of 5.38. AbbVie Inc. has a twelve month low of $62.55 and a twelve month high of $113.41. The company has a market capitalization of $189.01 billion, a PE ratio of 22.63, a price-to-earnings-growth ratio of 1.54 and a beta of 0.84.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Tuesday, February 2nd. The company reported $2.92 EPS for the quarter, beating the Zacks’ consensus estimate of $2.85 by $0.07. AbbVie had a net margin of 18.16% and a return on equity of 439.24%. The company had revenue of $13.86 billion during the quarter, compared to the consensus estimate of $13.70 billion. During the same quarter in the prior year, the company posted $2.21 EPS. The company’s quarterly revenue was up 59.2% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 10.48 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, May 14th. Shareholders of record on Thursday, April 15th will be paid a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date is Wednesday, April 14th. AbbVie’s dividend payout ratio is currently 58.17%.

In other AbbVie news, EVP Timothy J. Richmond sold 51,990 shares of the company’s stock in a transaction dated Friday, November 27th. The stock was sold at an average price of $105.00, for a total transaction of $5,458,950.00. Following the completion of the sale, the executive vice president now directly owns 51,990 shares in the company, valued at $5,458,950. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 25,290 shares of the firm’s stock in a transaction dated Tuesday, December 29th. The stock was sold at an average price of $105.00, for a total value of $2,655,450.00. Following the completion of the transaction, the executive vice president now owns 76,259 shares in the company, valued at $8,007,195. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the United States, Japan, Germany, Canada, France, Spain, Italy, 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; 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), 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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