True North Advisors LLC Has $1.21 Million Position in AbbVie Inc. (NYSE:ABBV)

True North Advisors LLC raised its holdings in AbbVie Inc. (NYSE:ABBV) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,629 shares of the company’s stock after buying an additional 118 shares during the period. True North Advisors LLC’s holdings in AbbVie were worth $1,207,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of AbbVie in the 4th quarter valued at about $3,229,888,000. International Assets Investment Management LLC bought a new position in shares of AbbVie in the 4th quarter valued at about $499,955,000. Capital International Investors grew its position in shares of AbbVie by 6.0% in the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock valued at $6,971,796,000 after acquiring an additional 2,542,463 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of AbbVie by 39.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock valued at $1,305,252,000 after acquiring an additional 2,390,239 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of AbbVie by 7.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after acquiring an additional 1,702,415 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. BMO Capital Markets decreased their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Piper Sandler lifted their price objective on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. Guggenheim lifted their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Barclays reduced their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Thursday, June 20th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $179.64.

AbbVie Price Performance

Shares of AbbVie stock opened at $172.75 on Tuesday. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $182.89. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The company has a 50-day simple moving average of $164.11 and a two-hundred day simple moving average of $167.11. The stock has a market capitalization of $305.05 billion, a price-to-earnings ratio of 51.26, a price-to-earnings-growth ratio of 2.20 and a beta of 0.60.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The business’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.46 EPS. Analysts forecast that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is presently 183.98%.

About AbbVie

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.