AbbVie Inc. (NYSE:ABBV) Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System raised its holdings in AbbVie Inc. (NYSE:ABBV) by 0.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 499,908 shares of the company’s stock after purchasing an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in AbbVie were worth $91,033,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ABBV. Capital Advisors Ltd. LLC grew its position in AbbVie by 3.0% during the first quarter. Capital Advisors Ltd. LLC now owns 4,398 shares of the company’s stock valued at $801,000 after buying an additional 128 shares during the period. Narus Financial Partners LLC grew its position in shares of AbbVie by 6.6% during the 1st quarter. Narus Financial Partners LLC now owns 1,999 shares of the company’s stock valued at $364,000 after acquiring an additional 124 shares during the period. Farmers & Merchants Investments Inc. increased its stake in shares of AbbVie by 0.3% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 88,867 shares of the company’s stock valued at $16,183,000 after purchasing an additional 308 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in AbbVie by 1.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 510,865 shares of the company’s stock worth $93,028,000 after purchasing an additional 5,567 shares during the period. Finally, Steele Capital Management Inc. boosted its position in AbbVie by 2.7% during the first quarter. Steele Capital Management Inc. now owns 13,621 shares of the company’s stock worth $2,480,000 after purchasing an additional 360 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 2.6 %

Shares of ABBV stock opened at $165.97 on Wednesday. AbbVie Inc. has a fifty-two week low of $132.70 and a fifty-two week high of $182.89. The company has a 50 day moving average price of $164.65 and a 200 day moving average price of $167.74. The stock has a market capitalization of $293.08 billion, a P/E ratio of 49.25, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

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

AbbVie Announces Dividend

The firm 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 dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ABBV shares. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Wednesday. Guggenheim increased their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Piper Sandler reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Tuesday. BMO Capital Markets decreased their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Thursday, June 20th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $181.07.

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.