Los Angeles Capital Management LLC Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Los Angeles Capital Management LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 151.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,568,927 shares of the company's stock after buying an additional 945,165 shares during the quarter. AbbVie comprises approximately 1.5% of Los Angeles Capital Management LLC's investment portfolio, making the stock its 11th biggest holding. Los Angeles Capital Management LLC owned 0.09% of AbbVie worth $328,722,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Wealth Alliance LLC grew its stake in AbbVie by 5.6% during the first quarter. Wealth Alliance LLC now owns 23,935 shares of the company's stock worth $5,015,000 after buying an additional 1,263 shares during the period. Sargent Investment Group LLC raised its position in AbbVie by 6.4% during the first quarter. Sargent Investment Group LLC now owns 38,621 shares of the company's stock valued at $8,092,000 after acquiring an additional 2,335 shares in the last quarter. Lindbrook Capital LLC lifted its position in AbbVie by 7.4% in the first quarter. Lindbrook Capital LLC now owns 12,237 shares of the company's stock worth $2,564,000 after purchasing an additional 848 shares during the period. Optimist Retirement Group LLC raised its holdings in shares of AbbVie by 1.0% in the first quarter. Optimist Retirement Group LLC now owns 13,448 shares of the company's stock valued at $2,818,000 after buying an additional 136 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its position in shares of AbbVie by 2.1% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 276,660 shares of the company's stock valued at $57,965,000 after purchasing an additional 5,583 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ABBV. Bank of America upped their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Morgan Stanley lifted their price objective on AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective on the stock. Finally, Citigroup raised their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $211.29.

AbbVie Stock Performance

Shares of ABBV traded up $2.57 on Tuesday, reaching $187.42. 2,672,940 shares of the company's stock traded hands, compared to its average volume of 6,307,183. The stock has a market cap of $331.06 billion, a PE ratio of 79.72, a PEG ratio of 1.25 and a beta of 0.48. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The stock's 50 day simple moving average is $187.17 and its two-hundred day simple moving average is $189.53. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period in the prior year, the company earned $2.31 earnings per share. The firm's revenue was up 8.4% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared 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. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is 279.15%.

AbbVie 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.