HBW Advisory Services LLC Increases Position in AbbVie Inc. (NYSE:ABBV)
HBW Advisory Services LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 23.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,253 shares of the company’s stock after buying an additional 7,051 shares during the quarter. AbbVie comprises approximately 1.3% of HBW Advisory Services LLC’s investment portfolio, making the stock its 20th biggest holding. HBW Advisory Services LLC’s holdings in AbbVie were worth $3,263,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in AbbVie by 21.7% in the second quarter. BlackRock Inc. now owns 123,356,424 shares of the company’s stock valued at $12,111,133,000 after purchasing an additional 21,974,440 shares during the last quarter. Vanguard Group Inc. boosted its holdings in AbbVie by 17.3% in the second quarter. Vanguard Group Inc. now owns 147,386,808 shares of the company’s stock valued at $14,470,438,000 after purchasing an additional 21,786,239 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in AbbVie by 46.4% in the second quarter. Nuveen Asset Management LLC now owns 22,124,489 shares of the company’s stock valued at $2,172,182,000 after purchasing an additional 7,007,887 shares during the last quarter. Nordea Investment Management AB boosted its holdings in AbbVie by 148.1% in the second quarter. Nordea Investment Management AB now owns 5,964,626 shares of the company’s stock valued at $573,976,000 after purchasing an additional 3,560,895 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in AbbVie by 15.0% in the second quarter. Bank of New York Mellon Corp now owns 21,387,563 shares of the company’s stock valued at $2,099,832,000 after purchasing an additional 2,797,448 shares during the last quarter. 68.23% of the stock is currently owned by hedge funds and other institutional investors.
ABBV has been the topic of several recent research reports. Citigroup upped their price target on shares of AbbVie from $98.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Berenberg Bank initiated coverage on shares of AbbVie in a report on Tuesday, September 29th. They issued a “hold” rating and a $98.00 price target on the stock. Mizuho reissued a “buy” rating and set a $111.00 target price on shares of AbbVie in a research note on Sunday, September 27th. Royal Bank of Canada increased their target price on shares of AbbVie from $125.00 to $127.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Finally, Atlantic Securities raised shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Tuesday, June 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $108.63.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 31st. The company reported $2.34 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.14. AbbVie had a net margin of 19.20% and a negative return on equity of 628.57%. The firm had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $10.14 billion. During the same quarter in the prior year, the firm earned $2.26 EPS. The company’s revenue for the quarter was up 26.3% on a year-over-year basis. As a group, sell-side analysts expect that AbbVie Inc. will post 10.44 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a $1.18 dividend. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $4.72 dividend on an annualized basis and a yield of 5.47%. AbbVie’s payout ratio is 52.80%.
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 BehÃ§et'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, waldenstrÃ¶m'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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