ExodusPoint Capital Management LP grew its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 168.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 323,078 shares of the company’s stock after purchasing an additional 202,892 shares during the quarter. ExodusPoint Capital Management LP’s holdings in AbbVie were worth $43,528,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in ABBV. Geode Capital Management LLC lifted its holdings in shares of AbbVie by 0.9% during the 1st quarter. Geode Capital Management LLC now owns 34,045,021 shares of the company’s stock worth $5,414,143,000 after acquiring an additional 292,512 shares during the period. Morgan Stanley grew its stake in AbbVie by 17.9% during the fourth quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after purchasing an additional 4,785,277 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in AbbVie by 89,097.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after acquiring an additional 29,170,366 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its position in shares of AbbVie by 85,216.7% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 28,082,858 shares of the company’s stock worth $3,783,603,000 after acquiring an additional 28,049,942 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in AbbVie by 5.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 22,797,052 shares of the company’s stock worth $3,071,447,000 after buying an additional 1,260,396 shares in the last quarter. 67.86% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
ABBV has been the subject of several recent research reports. StockNews.com started coverage on AbbVie in a report on Thursday, October 5th. They issued a “strong-buy” rating for the company. William Blair assumed coverage on shares of AbbVie in a research note on Tuesday, July 25th. They set a “market perform” rating for the company. TheStreet raised shares of AbbVie from a “c+” rating to a “b” rating in a research report on Monday, August 28th. UBS Group lowered their price objective on AbbVie from $157.00 to $150.00 and set a “neutral” rating for the company in a research report on Friday, October 20th. Finally, Barclays upgraded shares of AbbVie from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $160.00 to $170.00 in a research note on Monday, October 30th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $167.69.
AbbVie Stock Performance
ABBV traded down $0.03 during trading on Monday, reaching $138.27. The company’s stock had a trading volume of 1,478,690 shares, compared to its average volume of 5,510,114. The company’s fifty day moving average price is $146.58 and its 200-day moving average price is $143.95. The company has a debt-to-equity ratio of 4.59, a quick ratio of 0.84 and a current ratio of 0.96. The company has a market capitalization of $244.12 billion, a price-to-earnings ratio of 37.89, a price-to-earnings-growth ratio of 2.45 and a beta of 0.51. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $168.11.
AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings data on Friday, October 27th. The company reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.86 by $0.09. The business had revenue of $13.93 billion during the quarter, compared to analysts’ expectations of $13.72 billion. AbbVie had a net margin of 11.81% and a return on equity of 152.70%. The company’s revenue was down 6.0% on a year-over-year basis. During the same period last year, the company posted $3.66 EPS. On average, equities analysts forecast that AbbVie Inc. will post 11.24 earnings per share for the current fiscal year.
AbbVie Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, January 12th. This is an increase from AbbVie’s previous quarterly dividend of $1.48. This represents a $6.20 annualized dividend and a yield of 4.48%. AbbVie’s dividend payout ratio is 169.86%.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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