Arkadios Wealth Advisors raised its holdings in AbbVie Inc. (NYSE:ABBV – Get Rating) by 9.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,443 shares of the company’s stock after buying an additional 2,738 shares during the period. AbbVie comprises about 0.7% of Arkadios Wealth Advisors’ holdings, making the stock its 28th largest position. Arkadios Wealth Advisors’ holdings in AbbVie were worth $4,663,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the business. Capital International Investors lifted its position in shares of AbbVie by 162.6% during 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 in the last quarter. Norges Bank bought a new position in shares of AbbVie during the fourth quarter valued at about $2,433,269,000. Vanguard Group Inc. lifted its position in shares of AbbVie by 2.9% during 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of AbbVie by 426.5% during 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 in the last quarter. Finally, State Street Corp lifted its position in shares of AbbVie by 3.4% during 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 in the last quarter. 68.25% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on ABBV. Argus dropped their price target 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. Piper Sandler decreased their price objective on shares of AbbVie from $160.00 to $155.00 in a report on Friday, July 29th. Atlantic Securities decreased their price objective on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating for the company in a report on Monday, August 1st. Morgan Stanley decreased their price objective on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating for the company in a report on Monday, August 1st. Finally, UBS Group decreased their price objective on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating for the company in a report on Monday, August 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.35.
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Rating) last announced its earnings results on Friday, July 29th. The company reported $3.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.42 by $0.09. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The business had revenue of $14.58 billion during the quarter, compared to analyst estimates of $14.64 billion. During the same period in the previous year, the business posted $3.11 earnings per share. AbbVie’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, sell-side analysts predict that AbbVie Inc. will post 14.05 earnings per share for the current fiscal year.
AbbVie Dividend Announcement
The business also recently announced 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 is Thursday, October 13th. This represents a $5.64 annualized dividend and a yield of 3.94%. AbbVie’s payout ratio is presently 79.89%.
AbbVie Company Profile
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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