Invesco Ltd. Has $1.75 Billion Stake in AbbVie Inc. (NYSE:ABBV)

Key Points

• Invesco Ltd. increased its stake in AbbVie Inc. by 17.5%, owning over 8.3 million shares worth approximately $1.75 billion as of the latest SEC filing.
• AbbVie recently raised its dividend to $1.64 per share, offering a yield of 3.3%, with a considerable payout ratio of 312.38%.
• Analysts have shown positive sentiment towards AbbVie, with 18 buy ratings and a consensus rating of "Moderate Buy," reflecting strong potential for future growth.

Invesco Ltd. grew its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 17.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,367,049 shares of the company's stock after purchasing an additional 1,246,863 shares during the quarter. Invesco Ltd. owned approximately 0.47% of AbbVie worth $1,753,064,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of ABBV. Abound Financial LLC bought a new position in AbbVie in the 1st quarter worth about $30,000. Cypress Capital Management LLC WY bought a new stake in AbbVie during the first quarter worth approximately $35,000. Pinney & Scofield Inc. bought a new stake in AbbVie during the fourth quarter worth approximately $36,000. Inlight Wealth Management LLC purchased a new stake in shares of AbbVie in the 1st quarter valued at approximately $42,000. Finally, HWG Holdings LP purchased a new stake in shares of AbbVie in the 1st quarter valued at approximately $42,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Trading Down 0.4%

NYSE ABBV traded down $0.76 during trading on Friday, reaching $198.10. 4,101,321 shares of the stock traded hands, compared to its average volume of 5,210,216. The firm has a market cap of $349.96 billion, a price-to-earnings ratio of 94.33, a price-to-earnings-growth ratio of 1.27 and a beta of 0.50. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The company has a quick ratio of 0.64, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The stock's 50-day moving average price is $189.65 and its 200 day moving average price is $191.35.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.65 EPS. Analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. AbbVie's dividend payout ratio is presently 312.38%.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research analyst reports. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Evercore ISI raised their price objective on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Guggenheim lifted their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Morgan Stanley lifted their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $214.43.

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.