Lord Abbett & CO. LLC Sells 7,483 Shares of AbbVie Inc. (NYSE:ABBV)

Lord Abbett & CO. LLC lessened its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 0.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,275,938 shares of the company's stock after selling 7,483 shares during the period. AbbVie accounts for 1.0% of Lord Abbett & CO. LLC's investment portfolio, making the stock its 20th biggest position. Lord Abbett & CO. LLC owned approximately 0.07% of AbbVie worth $267,335,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Boston Partners boosted its stake in shares of AbbVie by 11.6% during the 1st quarter. Boston Partners now owns 6,345,296 shares of the company's stock valued at $1,320,617,000 after purchasing an additional 657,824 shares in the last quarter. William B. Walkup & Associates Inc. boosted its stake in shares of AbbVie by 4.5% during the 1st quarter. William B. Walkup & Associates Inc. now owns 26,137 shares of the company's stock valued at $5,476,000 after purchasing an additional 1,126 shares in the last quarter. E Fund Management Co. Ltd. boosted its stake in shares of AbbVie by 8.9% during the 1st quarter. E Fund Management Co. Ltd. now owns 28,900 shares of the company's stock valued at $6,055,000 after purchasing an additional 2,365 shares in the last quarter. Financial Network Wealth Advisors LLC boosted its stake in shares of AbbVie by 28.5% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 4,045 shares of the company's stock valued at $848,000 after purchasing an additional 896 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of AbbVie by 5.0% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 54,765 shares of the company's stock valued at $11,474,000 after purchasing an additional 2,626 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

ABBV opened at $201.36 on Thursday. The firm has a market cap of $355.71 billion, a P/E ratio of 95.89, a PEG ratio of 1.28 and a beta of 0.50. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The company has a 50 day simple moving average of $190.39 and a two-hundred day simple moving average of $191.67. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm 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 quarter in the previous year, the company earned $2.65 earnings per share. Equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced 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. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.3%. AbbVie's dividend payout ratio is currently 312.38%.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ABBV shares. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald began coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price on the stock. Raymond James Financial boosted their price objective on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday. They set an "overweight" rating and a $231.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $214.95.

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.

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