Zhang Financial LLC Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Zhang Financial LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBVGet Rating) by 4.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,907 shares of the company’s stock after selling 327 shares during the period. Zhang Financial LLC’s holdings in AbbVie were worth $1,211,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Capital International Investors grew 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 valued at $4,943,993,000 after purchasing an additional 18,882,699 shares during the last quarter. Norges Bank acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $2,433,269,000. Vanguard Group Inc. grew its position in shares of AbbVie by 2.9% in the first quarter. Vanguard Group Inc. now owns 150,518,780 shares of the company’s stock valued at $24,400,600,000 after purchasing an additional 4,206,711 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of AbbVie by 426.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock valued at $754,155,000 after purchasing an additional 3,768,579 shares during the last quarter. Finally, State Street Corp grew 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 valued at $10,745,033,000 after purchasing an additional 2,597,076 shares during the last quarter. 68.25% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Up 1.9 %

ABBV stock opened at $143.01 on Friday. AbbVie Inc. has a 52 week low of $106.44 and a 52 week high of $175.91. The company has a market capitalization of $252.86 billion, a price-to-earnings ratio of 20.26, a price-to-earnings-growth ratio of 3.98 and a beta of 0.72. The firm’s 50-day moving average is $141.99 and its two-hundred day moving average is $149.56. The company has a current ratio of 0.84, a quick ratio of 0.75 and a debt-to-equity ratio of 4.15.

AbbVie (NYSE:ABBVGet Rating) last released its quarterly earnings results on Friday, July 29th. The company reported $3.51 EPS for the quarter, topping analysts’ consensus estimates of $3.42 by $0.09. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The company had revenue of $14.58 billion for the quarter, compared to the consensus estimate of $14.64 billion. During the same period in the previous year, the firm earned $3.11 EPS. AbbVie’s revenue was up 4.5% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 14.05 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a $1.41 dividend. The ex-dividend date is Thursday, October 13th. This represents a $5.64 dividend on an annualized basis and a dividend yield of 3.94%. AbbVie’s payout ratio is currently 79.89%.

Analyst Ratings Changes

Several analysts have recently commented on ABBV shares. Morgan Stanley lowered their price target on shares of 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 decreased their target price on shares of AbbVie from $160.00 to $155.00 in a research report on Friday, July 29th. Argus decreased their target price on shares of AbbVie from $165.00 to $155.00 and set a “buy” rating on the stock in a research report on Wednesday, August 24th. Barclays decreased their target price on shares of AbbVie to $160.00 in a research report on Tuesday, August 9th. Finally, Atlantic Securities decreased their target price on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating on the stock 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 given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $159.35.

About AbbVie

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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.

See Also

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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