Canada Pension Plan Investment Board Has $367.53 Million Holdings in AbbVie Inc. $ABBV

Key Points

• Canada Pension Plan Investment Board decreased its holdings in AbbVie Inc. by 37.9% in the first quarter, owning approximately 1,754,141 shares worth $367.53 million after selling 1,070,141 shares.
• Strong institutional interest in AbbVie is evident as several firms, including GAMMA Investing LLC and Goldman Sachs Group Inc., made significant investments and increased their positions in the company.
• AbbVie reported a miss on earnings with $2.97 EPS in its latest quarter, below the expected $3.24, but saw a revenue increase of 6.6% year-over-year to $15.42 billion.

Canada Pension Plan Investment Board decreased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 37.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,754,141 shares of the company's stock after selling 1,070,141 shares during the period. Canada Pension Plan Investment Board owned about 0.10% of AbbVie worth $367,528,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ABBV. GAMMA Investing LLC boosted its position in AbbVie by 25,841.6% during the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Nuveen LLC bought a new position in AbbVie in the 1st quarter valued at about $1,819,154,000. Goldman Sachs Group Inc. lifted its position in AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after acquiring an additional 3,519,187 shares during the last quarter. Deutsche Bank AG lifted its position in AbbVie by 27.4% during the fourth quarter. Deutsche Bank AG now owns 9,769,102 shares of the company's stock worth $1,735,969,000 after acquiring an additional 2,102,273 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of AbbVie by 18.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company's stock worth $2,142,832,000 after acquiring an additional 1,882,780 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Down 0.1%

Shares of ABBV opened at $207.91 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The firm has a market cap of $367.28 billion, a price-to-earnings ratio of 99.00, a PEG ratio of 1.34 and a beta of 0.50. The business's fifty day moving average is $194.55 and its 200-day moving average is $193.41.

AbbVie (NYSE:ABBV - Get Free Report) last issued 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 return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the firm posted $2.65 EPS. The firm's revenue was up 6.6% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were issued a dividend of $1.64 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.2%. AbbVie's dividend payout ratio (DPR) is 312.38%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Piper Sandler assumed coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target for the company. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Citigroup lifted their price objective on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Finally, Morgan Stanley increased their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Five research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and a consensus price target of $214.95.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.