AbbVie Inc. (NYSE:ABBV) Holdings Lowered by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 273,650 shares of the company’s stock after selling 7,999 shares during the period. AbbVie accounts for approximately 0.5% of Teachers Retirement System of The State of Kentucky’s holdings, making the stock its 29th largest holding. Teachers Retirement System of The State of Kentucky’s holdings in AbbVie were worth $54,040,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew 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. State Street Corp increased its position in shares of AbbVie by 1.6% in the third quarter. State Street Corp now owns 79,067,935 shares of the company’s stock worth $15,614,329,000 after acquiring an additional 1,267,685 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of AbbVie by 314.1% during the second quarter. Assenagon Asset Management S.A. now owns 1,315,000 shares of the company’s stock valued at $225,549,000 after acquiring an additional 997,441 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of AbbVie by 7.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock valued at $1,516,358,000 after acquiring an additional 623,569 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in AbbVie by 6.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after purchasing an additional 582,953 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ABBV shares. Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Daiwa Capital Markets lowered AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective for the company. in a research report on Thursday, December 5th. Truist Financial raised their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Morgan Stanley lowered their price target on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. reduced their price objective on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.19.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $175.76 on Wednesday. The firm’s 50 day simple moving average is $186.35 and its 200 day simple moving average is $182.67. The company has a market capitalization of $310.59 billion, a price-to-earnings ratio of 61.03, a P/E/G ratio of 2.01 and a beta of 0.58. AbbVie Inc. has a fifty-two week low of $150.16 and a fifty-two week high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter last year, the business posted $2.95 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business 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 $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.73%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 215.28%.

AbbVie Profile

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.