The Manufacturers Life Insurance Company Sells 334,465 Shares of AbbVie Inc. $ABBV

The Manufacturers Life Insurance Company cut its position in AbbVie Inc. (NYSE:ABBV) by 11.2% during the 1st quarter, HoldingsChannel.com reports. The firm owned 2,650,435 shares of the company’s stock after selling 334,465 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in AbbVie were worth $576,443,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC grew its holdings in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. raised its stake in AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock valued at $3,056,000 after purchasing an additional 789 shares in the last quarter. Ieq Capital LLC lifted its position in AbbVie by 4.6% during the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock valued at $22,281,000 after purchasing an additional 5,274 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its position in AbbVie by 117.3% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock valued at $210,685,000 after purchasing an additional 612,702 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

Shares of ABBV opened at $256.98 on Tuesday. AbbVie Inc. has a 1 year low of $187.62 and a 1 year high of $262.10. The stock has a 50 day simple moving average of $235.52 and a two-hundred day simple moving average of $223.11. The firm has a market cap of $454.02 billion, a P/E ratio of 126.59, a P/E/G ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same period last year, the firm posted $2.46 earnings per share. The business’s revenue was up 12.4% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post 14.18 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s payout ratio is presently 340.89%.

Analysts Set New Price Targets

A number of brokerages have recently commented on ABBV. Bank of America increased their price target on shares of AbbVie from $234.00 to $276.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. JPMorgan Chase & Co. upped their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Cantor Fitzgerald increased their target price on AbbVie from $240.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Finally, Wells Fargo & Company raised their price target on AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $268.10.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.