Norway Savings Bank Has $588,000 Holdings in AbbVie Inc. (NYSE:ABBV)

Norway Savings Bank trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 11.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,230 shares of the company’s stock after selling 435 shares during the period. Norway Savings Bank’s holdings in AbbVie were worth $588,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of AbbVie during the 4th quarter worth $3,229,888,000. International Assets Investment Management LLC acquired a new position in AbbVie during the fourth quarter worth about $499,955,000. Capital International Investors lifted its holdings in shares of AbbVie by 6.0% in the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after acquiring an additional 2,542,463 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake 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 purchasing an additional 2,390,239 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of AbbVie by 7.5% during 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 purchasing an additional 1,702,415 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

Shares of ABBV opened at $171.52 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The firm’s fifty day simple moving average is $164.60 and its two-hundred day simple moving average is $167.54. AbbVie Inc. has a 12 month low of $132.13 and a 12 month high of $182.89. The stock has a market capitalization of $302.88 billion, a P/E ratio of 50.90, a price-to-earnings-growth ratio of 2.16 and a beta of 0.60.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.46 EPS. As a group, analysts predict that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.61%. AbbVie’s payout ratio is presently 183.98%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ABBV shares. Guggenheim raised their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Piper Sandler boosted their price objective on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Wednesday, June 5th. BMO Capital Markets reduced their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Finally, Barclays dropped their price objective 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. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $179.64.

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.