ProShare Advisors LLC lowered its stake in AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,325,459 shares of the company’s stock after selling 27,073 shares during the quarter. AbbVie accounts for about 0.7% of ProShare Advisors LLC’s portfolio, making the stock its 26th biggest holding. ProShare Advisors LLC owned 0.07% of AbbVie worth $177,889,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in ABBV. Retirement Income Solutions Inc purchased a new position in shares of AbbVie during the 1st quarter worth $204,000. Ergoteles LLC raised its holdings in shares of AbbVie by 17.8% during the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after acquiring an additional 847 shares during the period. First Western Trust Bank purchased a new position in shares of AbbVie during the 1st quarter worth $1,150,000. Wsfs Capital Management LLC acquired a new stake in shares of AbbVie during the 1st quarter worth about $562,000. Finally, Bridgewater Associates LP increased its position in shares of AbbVie by 80.4% during the 1st quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock worth $12,242,000 after purchasing an additional 33,661 shares during the last quarter. Institutional investors and hedge funds own 67.71% of the company’s stock.
Insider Activity at AbbVie
In other news, EVP Timothy J. Richmond sold 42,370 shares of the firm’s stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $163.44, for a total transaction of $6,924,952.80. Following the completion of the transaction, the executive vice president now directly owns 13,837 shares of the company’s stock, valued at approximately $2,261,519.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.08% of the company’s stock.
AbbVie Stock Performance
AbbVie (NYSE:ABBV – Get Rating) last issued its earnings results on Friday, October 28th. The company reported $3.66 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.10. The business had revenue of $14.81 billion for the quarter, compared to the consensus estimate of $14.95 billion. AbbVie had a net margin of 23.19% and a return on equity of 155.88%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.33 earnings per share. As a group, equities analysts predict that AbbVie Inc. will post 13.89 earnings per share for the current fiscal year.
AbbVie Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Friday, January 13th will be paid a $1.48 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.41. The ex-dividend date is Thursday, January 12th. This represents a $5.92 annualized dividend and a dividend yield of 4.02%. AbbVie’s dividend payout ratio (DPR) is 79.04%.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. SVB Leerink cut their price objective on AbbVie from $140.00 to $135.00 and set an “underperform” rating for the company in a research report on Friday, September 30th. Truist Financial raised their price objective on AbbVie from $160.00 to $180.00 in a research report on Thursday, January 5th. Morgan Stanley lifted their price objective on shares of AbbVie from $178.00 to $182.00 and gave the company an “overweight” rating in a report on Tuesday, December 6th. Societe Generale lowered shares of AbbVie from a “buy” rating to a “hold” rating and reduced their target price for the stock from $155.00 to $140.00 in a report on Tuesday, November 8th. Finally, BMO Capital Markets reduced their target price on shares of AbbVie from $170.00 to $169.00 and set an “outperform” rating on the stock in a report on Monday, October 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $160.56.
AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders, such as Parkinson’s, metabolic, comprising thyroid disease and complications associated with cystic fibrosis, pain associated with endometriosis, and other serious health conditions.
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