AbbVie Inc. (NYSE:ABBV) Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has increased its stake in AbbVie Inc. by 0.5% in the first quarter, owning a total of approximately 173.9 million shares valued at about $36.4 billion.
• AbbVie recently announced a quarterly dividend of $1.64, representing a 3.3% yield, with the ex-dividend date set for July 15th.
• The company reported earnings per share of $2.97 for its last quarter, which was below the consensus estimate of $3.24, while quarterly revenue increased by 6.6% year-over-year to $15.42 billion.

Vanguard Group Inc. lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 0.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,917,865 shares of the company's stock after buying an additional 845,787 shares during the period. AbbVie comprises 0.7% of Vanguard Group Inc.'s investment portfolio, making the stock its 21st biggest holding. Vanguard Group Inc. owned approximately 9.83% of AbbVie worth $36,439,271,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Abound Financial LLC purchased a new stake in shares of AbbVie in the 1st quarter worth about $30,000. EnRich Financial Partners LLC raised its position in AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after acquiring an additional 110 shares during the last quarter. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie in the first quarter valued at about $35,000. Pinney & Scofield Inc. acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $36,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of AbbVie during the 1st quarter worth approximately $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.25% of the company's stock.

AbbVie Trading Up 1.3%

Shares of NYSE:ABBV traded up $2.47 during trading on Thursday, reaching $198.77. 4,683,300 shares of the stock were exchanged, compared to its average volume of 5,278,528. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The firm's 50-day moving average price is $189.13 and its 200 day moving average price is $190.69. The firm has a market cap of $351.13 billion, a price-to-earnings ratio of 94.65, a price-to-earnings-growth ratio of 1.26 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the business earned $2.65 EPS. The firm's revenue was up 6.6% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's payout ratio is presently 312.38%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald began coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price on the stock. Evercore ISI upped their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Morgan Stanley increased their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Raymond James Financial boosted their target price on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Bank of America upped their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Seven equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $214.43.

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.