Bank of America Corp DE Has $5.34 Billion Position in AbbVie Inc. $ABBV

Bank of America Corp DE trimmed its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 11.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,237,764 shares of the company's stock after selling 2,699,179 shares during the period. Bank of America Corp DE owned about 1.20% of AbbVie worth $5,344,271,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in ABBV. Capital Advisors Inc. OK increased its holdings in AbbVie by 11.2% in the 2nd quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company's stock worth $112,516,000 after acquiring an additional 45,132 shares during the last quarter. Ranch Capital Advisors Inc. raised its holdings in AbbVie by 37.0% during the 1st quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company's stock valued at $3,238,000 after acquiring an additional 4,017 shares during the period. Danica Pension Livsforsikringsaktieselskab bought a new position in shares of AbbVie in the second quarter valued at approximately $23,557,000. Wedge Capital Management L L P NC increased its holdings in shares of AbbVie by 7.5% in the second quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company's stock worth $33,865,000 after purchasing an additional 9,380 shares during the period. Finally, Mission Wealth Management LP raised its position in shares of AbbVie by 119.1% in the second quarter. Mission Wealth Management LP now owns 69,052 shares of the company's stock worth $17,376,000 after buying an additional 37,531 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of the firm's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president owned 74,430 shares of the company's stock, valued at approximately $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.06% of the stock is owned by corporate insiders.

AbbVie Price Performance

Shares of ABBV stock opened at $261.68 on Tuesday. The business has a 50-day moving average of $254.60 and a 200 day moving average of $231.19. The stock has a market capitalization of $462.33 billion, a PE ratio of 73.92, a P/E/G ratio of 1.16 and a beta of 0.29. AbbVie Inc. has a 1-year low of $190.75 and a 1-year high of $267.47.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The company reported $3.65 earnings per share for the quarter, beating analysts' consensus estimates of $3.61 by $0.04. AbbVie had a negative return on equity of 422.07% and a net margin of 9.80%.The firm had revenue of $16.99 billion during the quarter, compared to analyst estimates of $16.80 billion. During the same quarter in the prior year, the firm posted $2.97 earnings per share. The business's quarterly revenue was up 10.2% compared to the same quarter last year. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. Analysts anticipate that AbbVie Inc. will post 14.05 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be given a $1.73 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.6%. AbbVie's dividend payout ratio is currently 195.48%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ABBV shares. Citigroup boosted their target price on AbbVie from $230.00 to $260.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 5th. Erste Group Bank upgraded AbbVie from a "hold" rating to a "buy" rating in a research report on Wednesday, August 5th. Bank of America restated a "buy" rating on shares of AbbVie in a research report on Tuesday, September 8th. Finally, Royal Bank Of Canada raised their target price on shares of AbbVie from $260.00 to $280.00 and gave the company an "outperform" rating in a research note on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $276.64.

About AbbVie

AbbVie Inc NYSE: ABBV is a global biopharmaceutical company that discovers, develops and commercializes medicines across immunology, oncology, neuroscience, eye care, aesthetics and other specialty areas. The company was established in 2013 after separating from Abbott Laboratories, which retained Abbott's diversified medical products and diagnostics businesses while AbbVie focused on research-based pharmaceuticals.

AbbVie's immunology portfolio includes Skyrizi (risankizumab) and Rinvoq (upadacitinib), which are used to treat several inflammatory conditions.

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