Convergence Investment Partners LLC Has $5.73 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Convergence Investment Partners LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 12.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,366 shares of the company's stock after selling 3,883 shares during the period. AbbVie accounts for about 1.6% of Convergence Investment Partners LLC's investment portfolio, making the stock its 10th biggest holding. Convergence Investment Partners LLC's holdings in AbbVie were worth $5,734,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of ABBV. Geode Capital Management LLC lifted its position in shares of AbbVie by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock worth $6,586,948,000 after purchasing an additional 983,888 shares in the last quarter. Capital Research Global Investors grew its stake in AbbVie by 2.3% during the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after buying an additional 778,126 shares in the last quarter. Norges Bank acquired a new stake in shares of AbbVie in the 4th quarter valued at approximately $4,459,385,000. Northern Trust Corp boosted its position in AbbVie by 11.8% during the 4th quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock worth $3,878,236,000 after buying an additional 2,299,645 shares during the period. Finally, FMR LLC boosted its position in AbbVie by 32.8% during the 4th quarter. FMR LLC now owns 18,097,375 shares of the company's stock worth $3,215,903,000 after buying an additional 4,466,971 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

Shares of ABBV traded down $0.61 during mid-day trading on Friday, hitting $190.22. 3,786,155 shares of the company traded hands, compared to its average volume of 6,461,288. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The stock has a market capitalization of $336.00 billion, a price-to-earnings ratio of 80.94, a PEG ratio of 1.27 and a beta of 0.48. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The business has a 50-day moving average of $187.62 and a 200 day moving average of $189.70.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results 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 business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.31 earnings per share. As a group, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio is 279.15%.

Analyst Ratings Changes

Several research analysts have issued reports on ABBV shares. Morgan Stanley raised their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Cantor Fitzgerald started coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price for the company. Guggenheim boosted their price target on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Bank of America upped their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Finally, BNP Paribas upgraded AbbVie to a "hold" rating in a research report on Thursday, May 8th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

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.