TD Asset Management Inc Raises Stock Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• TD Asset Management Inc increased its stake in AbbVie Inc. by 19.7% during the first quarter, now owning over 3.2 million shares valued at approximately $675 million.
• AbbVie reported earnings of $2.46 per share for the last quarter, exceeding estimates, with a revenue of $13.34 billion, which is an 8.4% increase year-over-year.
• The company declared a quarterly dividend of $1.64 per share to be paid on August 15th, representing a 3.45% yield and a high dividend payout ratio of 279.15%.

TD Asset Management Inc grew its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 19.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,223,375 shares of the company's stock after acquiring an additional 531,156 shares during the period. TD Asset Management Inc owned about 0.18% of AbbVie worth $675,362,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABBV. EnRich Financial Partners LLC increased its stake in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Abound Financial LLC purchased a new stake in shares of AbbVie during the first quarter valued at approximately $30,000. Prudent Man Investment Management Inc. purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $32,000. Siemens Fonds Invest GmbH grew its holdings in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares during the last quarter. Finally, Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the first quarter valued at approximately $35,000. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Up 2.0%

Shares of ABBV stock traded up $3.79 during trading hours on Tuesday, reaching $192.31. 2,709,169 shares of the stock were exchanged, compared to its average volume of 6,828,040. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. 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 company's 50-day moving average price is $187.68 and its 200-day moving average price is $189.94. The firm has a market capitalization of $339.70 billion, a price-to-earnings ratio of 81.81, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48.

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

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.41%. AbbVie's dividend payout ratio is presently 279.15%.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of recent analyst reports. The Goldman Sachs Group reiterated a "neutral" rating and set a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Bank of America lifted their price target on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Cantor Fitzgerald assumed coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target on the stock. Finally, Morgan Stanley lifted their price target on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and an average target price 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.