US Bancorp DE Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

US Bancorp DE trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.9% in the third quarter, HoldingsChannel.com reports. The fund owned 2,533,010 shares of the company’s stock after selling 21,719 shares during the period. US Bancorp DE’s holdings in AbbVie were worth $500,220,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its position in AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after buying an additional 9,978,415 shares during the last quarter. International Assets Investment Management LLC increased its position in AbbVie by 1,745.0% in the third quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock worth $933,698,000 after buying an additional 4,471,806 shares during the last quarter. Capital World Investors increased its position in AbbVie by 249.1% in the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after buying an additional 3,120,310 shares during the last quarter. Capital International Investors increased its position in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after buying an additional 3,110,601 shares during the last quarter. Finally, TD Asset Management Inc increased its position in AbbVie by 156.0% in the first quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock worth $632,619,000 after buying an additional 2,116,997 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on ABBV shares. Sanford C. Bernstein started coverage on AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Bank of America raised their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Piper Sandler raised their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company raised their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $200.11.

AbbVie Price Performance

ABBV stock traded up $2.80 during mid-day trading on Thursday, hitting $204.30. 2,552,791 shares of the stock were exchanged, compared to its average volume of 5,303,614. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The business has a fifty day moving average price of $193.85 and a 200 day moving average price of $178.91. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $207.32. The stock has a market capitalization of $360.77 billion, a price-to-earnings ratio of 60.71, a PEG ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the previous year, the company posted $2.95 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.21%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is 183.98%.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.