AbbVie Inc. (NYSE:ABBV) Position Reduced by Adams Diversified Equity Fund Inc.

Adams Diversified Equity Fund Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 187,700 shares of the company's stock after selling 3,100 shares during the quarter. AbbVie makes up about 1.6% of Adams Diversified Equity Fund Inc.'s holdings, making the stock its 12th biggest position. Adams Diversified Equity Fund Inc.'s holdings in AbbVie were worth $39,327,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of ABBV. Vanguard Group Inc. boosted its position in shares of AbbVie by 0.8% in 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 during the period. Geode Capital Management LLC lifted its stake in AbbVie by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock valued at $6,586,948,000 after buying an additional 983,888 shares during the last quarter. Capital Research Global Investors lifted its stake in AbbVie by 2.3% in the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock valued at $6,038,898,000 after buying an additional 778,126 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 acquiring an additional 3,599,336 shares during the period. Finally, Norges Bank purchased a new position in shares of AbbVie during the fourth quarter worth approximately $4,459,385,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Citigroup upped their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Evercore ISI lifted their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Wells Fargo & Company increased their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 5th. Guggenheim raised their price target on AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Bank of America upped their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Eight 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $211.29.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.25% of the stock is owned by corporate insiders.

AbbVie Price Performance

ABBV traded up $1.67 during midday trading on Thursday, reaching $187.06. 5,728,909 shares of the company's stock were exchanged, compared to its average volume of 6,227,638. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The stock has a market capitalization of $330.42 billion, a PE ratio of 79.60, a P/E/G ratio of 1.23 and a beta of 0.50. The business's 50-day moving average price is $185.74 and its 200 day moving average price is $187.81. AbbVie Inc. has a 1-year low of $163.52 and a 1-year high of $218.66.

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

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio is presently 279.15%.

AbbVie Company 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.