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OVERSEA CHINESE BANKING Corp Ltd Buys 1,978 Shares of AbbVie Inc. (NYSE:ABBV)

AbbVie logo with Medical background

Key Points

  • OVERSEA CHINESE BANKING Corp Ltd increased its stake in AbbVie Inc. by 53.3%, owning 5,687 shares worth $1,192,000, according to a recent SEC filing.
  • AbbVie reported quarterly earnings of $2.97 EPS, missing estimates, but had a revenue of $15.42 billion, surpassing expectations.
  • The company declared a quarterly dividend of $1.64 per share with an annualized yield of 3.4%, although its dividend payout ratio is currently very high at 279.15%.
  • Five stocks to consider instead of AbbVie.

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 53.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,687 shares of the company's stock after purchasing an additional 1,978 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in AbbVie were worth $1,192,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Steel Grove Capital Advisors LLC increased its stake in AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after purchasing an additional 52 shares during the period. Peninsula Wealth LLC lifted its holdings in AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after acquiring an additional 54 shares during the period. Private Management Group Inc. lifted its holdings in AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after acquiring an additional 54 shares during the period. Connecticut Wealth Management LLC increased its position in shares of AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after buying an additional 57 shares in the last quarter. Finally, Castle Wealth Management LLC increased its position in AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after purchasing an additional 57 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Up 0.9%

Shares of NYSE:ABBV traded up $1.83 during midday trading on Monday, reaching $197.05. The company had a trading volume of 4,216,467 shares, compared to its average volume of 5,844,660. The business's 50 day moving average price is $188.33 and its 200 day moving average price is $190.42. The stock has a market cap of $348.07 billion, a PE ratio of 93.83, a P/E/G ratio of 1.27 and a beta of 0.50. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 518.10%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the company posted $2.65 EPS. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. AbbVie's dividend payout ratio is presently 312.38%.

Analyst Ratings Changes

ABBV has been the subject of several recent analyst reports. Morgan Stanley lifted their price target on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Evercore ISI lifted their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Finally, Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $212.81.

Read Our Latest Research Report on ABBV

AbbVie Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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