Bank of New York Mellon Corp Sells 426,197 Shares of AbbVie Inc. (NYSE:ABBV)

Bank of New York Mellon Corp reduced its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,237,703 shares of the company's stock after selling 426,197 shares during the period. AbbVie comprises approximately 0.5% of Bank of New York Mellon Corp's investment portfolio, making the stock its 27th largest position. Bank of New York Mellon Corp owned 0.75% of AbbVie worth $2,773,564,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ABBV. EnRich Financial Partners LLC raised its holdings in AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC acquired a new stake in AbbVie in the 4th quarter valued at $30,000. Prudent Man Investment Management Inc. purchased a new position in AbbVie during the 4th quarter worth $32,000. Siemens Fonds Invest GmbH boosted its holdings in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after acquiring an additional 119,141 shares during the last quarter. Finally, Pinney & Scofield Inc. bought a new stake in shares of AbbVie during the 4th quarter worth $36,000. Institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Evercore ISI lifted their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Morgan Stanley upped their price target on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Finally, Bank of America upped their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Price Performance

ABBV traded down $1.25 during midday trading on Friday, hitting $189.50. The stock had a trading volume of 3,706,217 shares, compared to its average volume of 6,249,990. The company has a market cap of $334.73 billion, a P/E ratio of 80.64, a price-to-earnings-growth ratio of 1.26 and a beta of 0.48. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The business has a fifty day moving average of $187.37 and a 200 day moving average of $188.68.

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

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Tuesday, July 15th. AbbVie's payout ratio is 279.15%.

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.