New York State Teachers Retirement System Reduces Position in AbbVie Inc. (NYSE:ABBV)

New York State Teachers Retirement System lowered its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,525,874 shares of the company's stock after selling 69,904 shares during the period. AbbVie accounts for approximately 0.7% of New York State Teachers Retirement System's portfolio, making the stock its 22nd largest position. New York State Teachers Retirement System owned 0.09% of AbbVie worth $319,701,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ABBV. Vanguard Group Inc. boosted its position in shares of AbbVie by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock valued at $30,754,908,000 after purchasing an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC boosted its stake in AbbVie by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock worth $6,586,948,000 after acquiring an additional 983,888 shares in the last quarter. Capital Research Global Investors grew its holdings in AbbVie by 2.3% in the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after purchasing an additional 778,126 shares during the period. Charles Schwab Investment Management Inc. increased its stake in AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after purchasing an additional 3,599,336 shares in the last quarter. Finally, Norges Bank bought a new position in shares of AbbVie during the 4th quarter worth about $4,459,385,000. 70.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Wells Fargo & Company upped their price target on AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 5th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target for the company. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Morgan Stanley lifted their price target on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Finally, BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Price Performance

Shares of NYSE ABBV traded up $4.30 during midday trading on Tuesday, hitting $189.92. 5,936,750 shares of the company's stock were exchanged, compared to its average volume of 6,253,418. The business's fifty day moving average price is $186.52 and its two-hundred day moving average price is $188.21. The company has a market cap of $335.47 billion, a price-to-earnings ratio of 80.82, a PEG ratio of 1.23 and a beta of 0.48. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same period in the previous year, the firm posted $2.31 EPS. The firm's revenue was up 8.4% compared to the same quarter last year. As a group, research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.45%. AbbVie's payout ratio is 279.15%.

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.