Mackenzie Financial Corp Increases Stake in AbbVie Inc. (NYSE:ABBV)

Key Points

• Mackenzie Financial Corp increased its stake in AbbVie Inc. by 2.6% in the first quarter, owning approximately 2.5 million shares valued at $523.7 million.
• AbbVie reported quarterly earnings of $2.46 per share, exceeding analyst expectations, with revenues reaching $13.34 billion, an 8.4% increase year-over-year.
• The company declared a quarterly dividend of $1.64, yielding 3.45%, with a payout ratio of 279.15%, emphasizing its commitment to returning capital to shareholders.

Mackenzie Financial Corp raised its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,499,736 shares of the company's stock after buying an additional 62,437 shares during the quarter. Mackenzie Financial Corp owned about 0.14% of AbbVie worth $523,745,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Crestline Management LP boosted its position in shares of AbbVie by 438.4% during the 4th quarter. Crestline Management LP now owns 35,311 shares of the company's stock valued at $6,275,000 after acquiring an additional 28,753 shares during the last quarter. Narus Financial Partners LLC boosted its position in shares of AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock valued at $417,000 after acquiring an additional 401 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of AbbVie by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock valued at $1,664,489,000 after acquiring an additional 108,993 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of AbbVie by 35.8% during the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock valued at $186,000 after acquiring an additional 276 shares during the last quarter. Finally, AXA S.A. boosted its position in shares of AbbVie by 14.8% during the 4th quarter. AXA S.A. now owns 971,893 shares of the company's stock valued at $172,705,000 after acquiring an additional 125,568 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Trading Down 0.3%

AbbVie stock opened at $190.22 on Monday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. 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 PE ratio of 80.94, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48. The business's fifty day moving average is $187.62 and its 200 day moving average is $189.85.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data 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 return on equity of 412.03% and a net margin of 7.31%. The company had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same period last year, the firm posted $2.31 earnings per share. AbbVie's revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a $1.64 dividend. 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 Upgrades and Downgrades

A number of research firms recently weighed in on ABBV. Citigroup boosted their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. The Goldman Sachs Group restated a "neutral" rating and issued a $194.00 target price on shares of AbbVie in a research report on Tuesday, April 8th. Evercore ISI boosted their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Morgan Stanley boosted their target price on AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Finally, Cantor Fitzgerald began coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price for the company. Eight equities 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $211.29.

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.

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