Alberta Investment Management Corp Boosts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Key Points

• Alberta Investment Management Corp significantly increased its position in AbbVie Inc. by 1,248.4%, owning 64,725 shares worth approximately $13.56 million at the end of the latest quarter.
• Analysts have generally rated AbbVie stock positively, with Cantor Fitzgerald initiating coverage with an "overweight" rating and a target price of $210.00, while the consensus rating for the stock is a "Moderate Buy".
• AbbVie recently missed earnings expectations, reporting $2.97 EPS against a consensus of $3.24, but its revenue of $15.42 billion surpassed analyst estimates.

Alberta Investment Management Corp increased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 1,248.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,725 shares of the company's stock after acquiring an additional 59,925 shares during the period. Alberta Investment Management Corp's holdings in AbbVie were worth $13,561,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ABBV. Abound Financial LLC acquired a new stake in AbbVie in the 1st quarter valued at approximately $30,000. EnRich Financial Partners LLC raised its position in AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after purchasing an additional 110 shares during the last quarter. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the 1st quarter valued at $35,000. Pinney & Scofield Inc. acquired a new stake in shares of AbbVie in the 4th quarter valued at $36,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of AbbVie in the 1st quarter valued at $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Price Performance

NYSE:ABBV traded up $6.15 during midday trading on Friday, hitting $195.17. The company had a trading volume of 8,081,230 shares, compared to its average volume of 5,440,562. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $344.75 billion, a PE ratio of 92.94, a P/E/G ratio of 1.29 and a beta of 0.50. The stock's fifty day moving average price is $188.33 and its 200-day moving average price is $190.30. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66.

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

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.4%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of research reports. The Goldman Sachs Group restated a "neutral" rating and issued a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. BNP Paribas raised AbbVie to a "hold" rating in a research report on Thursday, May 8th. Guggenheim increased their price target on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Evercore ISI upped 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. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $212.81.

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.