QRG Capital Management Inc. Has $60.19 Million Stake in AbbVie Inc. $ABBV

QRG Capital Management Inc. grew its position in AbbVie Inc. (NYSE:ABBV) by 13.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 276,761 shares of the company’s stock after purchasing an additional 33,079 shares during the quarter. AbbVie makes up about 0.6% of QRG Capital Management Inc.’s portfolio, making the stock its 24th largest position. QRG Capital Management Inc.’s holdings in AbbVie were worth $60,193,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Norges Bank acquired a new position in AbbVie in the fourth quarter valued at $5,865,055,000. Wellington Management Group LLP grew its holdings in AbbVie by 457.4% during the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after acquiring an additional 8,646,424 shares during the period. Capital World Investors raised its position in shares of AbbVie by 106.3% in the 4th quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock worth $2,986,777,000 after acquiring an additional 6,736,161 shares in the last quarter. Cardano Risk Management B.V. raised its position in shares of AbbVie by 914.6% in the 4th quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after acquiring an additional 4,908,260 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of AbbVie by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock valued at $10,179,099,000 after purchasing an additional 4,190,487 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Price Performance

ABBV stock opened at $260.88 on Friday. The stock has a market capitalization of $460.92 billion, a PE ratio of 128.51, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. The company’s 50-day moving average is $220.19 and its 200-day moving average is $220.30. AbbVie Inc. has a 1 year low of $184.63 and a 1 year high of $261.64.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same period in the previous year, the company posted $2.46 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post 14.28 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

Wall Street Analyst Weigh In

ABBV has been the topic of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Piper Sandler reiterated an “overweight” rating and issued a $298.00 target price on shares of AbbVie in a report on Tuesday, June 23rd. Guggenheim reissued a “buy” rating and issued a $249.00 price target on shares of AbbVie in a research note on Friday, May 1st. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $253.81.

About AbbVie

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.