Sumitomo Mitsui Trust Group Inc. Sells 9,961 Shares of AbbVie Inc. (NYSE:ABBV)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 0.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,103,600 shares of the company's stock after selling 9,961 shares during the period. AbbVie accounts for about 0.6% of Sumitomo Mitsui Trust Group Inc.'s investment portfolio, making the stock its 26th largest holding. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of AbbVie worth $859,786,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. EnRich Financial Partners LLC raised its holdings in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after buying an additional 110 shares during the last quarter. Promus Capital LLC purchased a new position in AbbVie in the fourth quarter worth about $30,000. Prudent Man Investment Management Inc. purchased a new position in AbbVie in the fourth quarter worth about $32,000. Siemens Fonds Invest GmbH raised its holdings in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares during the last quarter. Finally, Pinney & Scofield Inc. purchased a new position in AbbVie in the fourth quarter worth about $36,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Guggenheim lifted their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. BNP Paribas raised shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Wells Fargo & Company lifted their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, March 5th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Eight 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $211.29.

Insider Activity at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Performance

NYSE ABBV traded down $4.90 during trading hours on Friday, hitting $181.89. 29,262,557 shares of the company's stock traded hands, compared to its average volume of 6,249,513. The business's fifty day moving average price is $186.21 and its two-hundred day moving average price is $188.01. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The firm has a market capitalization of $321.29 billion, a P/E ratio of 77.40, a P/E/G ratio of 1.21 and a beta of 0.50. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66.

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

AbbVie Announces Dividend

The firm 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 of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.61%. AbbVie's dividend payout ratio (DPR) is 279.15%.

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.