Cardinal Capital Management Inc. increased its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 7.7% in the second quarter, HoldingsChannel reports. The firm owned 163,872 shares of the company’s stock after buying an additional 11,777 shares during the period. AbbVie makes up approximately 1.4% of Cardinal Capital Management Inc.’s investment portfolio, making the stock its 16th largest position. Cardinal Capital Management Inc.’s holdings in AbbVie were worth $25,099,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. EFG Asset Management Americas Corp. increased its position in AbbVie by 17.5% during the 2nd quarter. EFG Asset Management Americas Corp. now owns 6,884 shares of the company’s stock valued at $1,054,000 after buying an additional 1,024 shares in the last quarter. Flagship Harbor Advisors LLC increased its position in AbbVie by 3.1% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 30,993 shares of the company’s stock valued at $4,747,000 after buying an additional 929 shares in the last quarter. Corsicana & Co. increased its position in AbbVie by 3.7% during the 2nd quarter. Corsicana & Co. now owns 12,370 shares of the company’s stock valued at $1,895,000 after buying an additional 442 shares in the last quarter. Monterey Private Wealth Inc. increased its position in AbbVie by 7.4% during the 2nd quarter. Monterey Private Wealth Inc. now owns 2,775 shares of the company’s stock valued at $425,000 after buying an additional 190 shares in the last quarter. Finally, Atticus Wealth Management LLC increased its position in AbbVie by 12.0% during the 2nd quarter. Atticus Wealth Management LLC now owns 5,223 shares of the company’s stock valued at $800,000 after buying an additional 560 shares in the last quarter. 68.25% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research analysts recently issued reports on the company. Morgan Stanley reduced their target price on AbbVie from $191.00 to $188.00 and set an “overweight” rating on the stock in a research report on Monday, August 1st. Piper Sandler reduced their target price on AbbVie from $160.00 to $155.00 in a research report on Friday, July 29th. Argus cut their price objective on AbbVie from $165.00 to $155.00 and set a “buy” rating on the stock in a report on Wednesday, August 24th. Barclays cut their price objective on AbbVie to $160.00 in a report on Tuesday, August 9th. Finally, Atlantic Securities cut their price objective on AbbVie from $178.00 to $162.00 and set a “neutral” rating on the stock in a report on Monday, August 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $159.35.
AbbVie Stock Up 1.9 %
AbbVie (NYSE:ABBV – Get Rating) last issued its quarterly earnings results on Friday, July 29th. The company reported $3.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.09. The company had revenue of $14.58 billion for the quarter, compared to the consensus estimate of $14.64 billion. AbbVie had a return on equity of 158.41% and a net margin of 22.03%. AbbVie’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.11 earnings per share. As a group, sell-side analysts anticipate that AbbVie Inc. will post 14.05 earnings per share for the current year.
AbbVie Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be given a dividend of $1.41 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $5.64 dividend on an annualized basis and a yield of 3.94%. 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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