State of Michigan Retirement System Cuts Stock Position in AbbVie Inc. $ABBV

Key Points

• State of Michigan Retirement System trimmed its stake in AbbVie by 3.2%, selling 15,100 shares and leaving it with 462,708 shares worth about $105.7 million (0.5% of its portfolio, the fund's 26th largest holding).
• Regulatory setback: the U.S. FDA issued a Complete Response Letter (CRL) for AbbVie's trenibotulinumtoxinE citing manufacturing/process issues, delaying potential commercialization and near-term revenue for the program.
• Corporate momentum and outlook: AbbVie announced a $1.4 billion AI-enabled manufacturing campus in Durham to boost capacity, while analysts remain broadly positive with a consensus target near $253 and the stock carries a ~3.5% dividend yield.

State of Michigan Retirement System decreased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 462,708 shares of the company's stock after selling 15,100 shares during the period. AbbVie comprises 0.5% of State of Michigan Retirement System's investment portfolio, making the stock its 26th biggest position. State of Michigan Retirement System's holdings in AbbVie were worth $105,724,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP lifted its position in shares of AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company's stock worth $2,439,714,000 after purchasing an additional 8,646,424 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of AbbVie by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company's stock valued at $41,306,353,000 after purchasing an additional 3,032,438 shares in the last quarter. Raymond James Financial Inc. grew its holdings in shares of AbbVie by 41.8% in the second quarter. Raymond James Financial Inc. now owns 9,337,480 shares of the company's stock valued at $1,733,222,000 after purchasing an additional 2,753,312 shares in the last quarter. Alliancebernstein L.P. increased its stake in AbbVie by 31.8% during the 3rd quarter. Alliancebernstein L.P. now owns 7,281,327 shares of the company's stock worth $1,685,918,000 after buying an additional 1,758,657 shares during the period. Finally, Amundi lifted its holdings in AbbVie by 15.6% during the 3rd quarter. Amundi now owns 10,508,317 shares of the company's stock worth $2,418,909,000 after buying an additional 1,414,621 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie announced a major strategic investment: a $1.4 billion, AI-enabled manufacturing campus in Durham, NC that will create hundreds of permanent jobs and supports capacity for immunology, neuroscience and oncology medicines. This strengthens manufacturing footprint and long-term growth/production capacity. Article Title
• Positive Sentiment: Canaccord initiated coverage with a Buy and $262 price target (recent coverage highlighted AbbVie as a buy on pullback), providing bullish analyst support and upside from current levels. Analyst upgrades can buoy sentiment and attract inflows. Article Title
• Positive Sentiment: AbbVie struck an exclusive licensing deal with Haisco for development of pain medicines, expanding its pipeline and potential addressable market for pain therapeutics. Partnership deals can add optionality to future revenue. Article Title
• Neutral Sentiment: Wall Street previews and model-level estimates for Q1 (sales and key metric breakdowns) are circulating ahead of AbbVie’s April 29 earnings; these projections set expectations traders will use for the report. Meeting or beating estimates could stabilize the stock. Article Title
• Neutral Sentiment: Analysts and media continue to discuss AbbVie as a dividend-growth candidate and a long-term defensive healthcare holding; this maintains baseline investor interest but is unlikely to move shares sharply near-term. Article Title
• Negative Sentiment: The U.S. FDA issued a Complete Response Letter (CRL) for AbbVie’s trenibotulinumtoxinE (TrenibotE) — citing manufacturing/process issues rather than new clinical trials. AbbVie said it will respond and believes it can address comments, but the CRL delays potential commercialization and near-term revenue expectations for the neurotoxin program. Article Title
• Negative Sentiment: Multiple outlets report the CRL is tied to manufacturing concerns; while AbbVie noted no additional clinical studies were requested, regulatory manufacturing issues create uncertainty on timing and cost to obtain approval — a near-term headwind for sentiment. Article Title

Insider Transactions at AbbVie

In other news, EVP Perry C. Siatis sold 22,381 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $230.00, for a total value of $5,147,630.00. Following the transaction, the executive vice president owned 38,137 shares in the company, valued at approximately $8,771,510. This represents a 36.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP David Ryan Purdue sold 5,230 shares of the firm's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares in the company, valued at $619,868.24. This trade represents a 66.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.06% of the company's stock.

AbbVie Trading Up 0.0%

Shares of NYSE:ABBV opened at $198.71 on Monday. AbbVie Inc. has a 52 week low of $176.57 and a 52 week high of $244.81. The company's 50 day moving average is $216.68 and its two-hundred day moving average is $222.26. The company has a market cap of $351.35 billion, a PE ratio of 84.20, a P/E/G ratio of 0.71 and a beta of 0.38.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Wednesday, February 4th. The company reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.65 by $0.06. The business had revenue of $16.62 billion during the quarter, compared to analysts' expectations of $16.39 billion. AbbVie had a net margin of 6.91% and a negative return on equity of 1,579.75%. The company's revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.16 EPS. AbbVie has set its FY 2026 guidance at 14.370-14.570 EPS and its Q1 2026 guidance at 2.970-3.010 EPS. As a group, equities research analysts expect that AbbVie Inc. will post 14.21 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Wednesday, April 15th will be given a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, April 15th. AbbVie's dividend payout ratio is currently 293.22%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. William Blair reissued an "outperform" rating on shares of AbbVie in a research report on Monday, March 9th. Royal Bank Of Canada began coverage on AbbVie in a research note on Tuesday, February 24th. They issued an "outperform" rating and a $260.00 price objective on the stock. UBS Group decreased their target price on AbbVie from $240.00 to $230.00 and set a "neutral" rating for the company in a report on Thursday, February 5th. Morgan Stanley boosted their target price on AbbVie from $269.00 to $270.00 and gave the stock an "overweight" rating in a research note on Thursday, February 5th. Finally, Canaccord Genuity Group initiated coverage on AbbVie in a report on Monday, April 20th. They set a "buy" rating and a $262.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $253.19.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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