The Manufacturers Life Insurance Company Decreases Holdings in AbbVie Inc. $ABBV

The Manufacturers Life Insurance Company trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 11.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,650,435 shares of the company’s stock after selling 334,465 shares during the period. The Manufacturers Life Insurance Company owned about 0.15% of AbbVie worth $576,443,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bank of Jackson Hole Trust raised its position in AbbVie by 0.6% in the fourth quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock worth $1,648,000 after acquiring an additional 44 shares during the period. Eclectic Associates Inc. ADV grew its position in shares of AbbVie by 0.8% during the 4th quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock valued at $1,337,000 after acquiring an additional 45 shares during the period. Imprint Wealth LLC grew its position in shares of AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Dogwood Wealth Management LLC increased its stake in shares of AbbVie by 10.8% during the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock worth $108,000 after purchasing an additional 46 shares during the last quarter. Finally, Quantum Private Wealth LLC increased its stake in shares of AbbVie by 2.0% during the 4th quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company’s stock worth $543,000 after purchasing an additional 46 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Down 0.9%

AbbVie stock 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 firm has a market capitalization of $454.02 billion, a price-to-earnings ratio of 126.59, a P/E/G ratio of 0.86 and a beta of 0.30. The firm has a 50 day simple moving average of $235.52 and a 200 day simple moving average of $223.11.

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

AbbVie Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. HSBC reiterated a “buy” rating and issued a $300.00 price objective on shares of AbbVie in a research note on Monday, July 6th. Bank of America boosted their target price on AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Piper Sandler reiterated an “overweight” rating and set a $298.00 price target on shares of AbbVie in a research note on Tuesday, June 23rd. Finally, UBS Group lifted their price objective on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.