Charles Schwab Investment Management Inc. Buys 1,260,396 Shares of AbbVie Inc. (NYSE:ABBV)

Charles Schwab Investment Management Inc. raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 22,797,052 shares of the company’s stock after purchasing an additional 1,260,396 shares during the period. AbbVie accounts for about 0.9% of Charles Schwab Investment Management Inc.’s investment portfolio, making the stock its 20th biggest holding. Charles Schwab Investment Management Inc. owned approximately 1.29% of AbbVie worth $3,071,447,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABBV. Kalos Management Inc. purchased a new stake in AbbVie in the 1st quarter worth $26,000. Miller Wealth Advisors LLC boosted its stake in shares of AbbVie by 140.0% in the second quarter. Miller Wealth Advisors LLC now owns 240 shares of the company’s stock worth $32,000 after acquiring an additional 140 shares during the period. Sanctuary Wealth Management L.L.C. purchased a new stake in shares of AbbVie during the second quarter worth about $39,000. True Wealth Design LLC bought a new stake in AbbVie during the 4th quarter valued at approximately $39,000. Finally, PrairieView Partners LLC lifted its holdings in AbbVie by 346.7% in the 2nd quarter. PrairieView Partners LLC now owns 335 shares of the company’s stock worth $45,000 after purchasing an additional 260 shares in the last quarter. Hedge funds and other institutional investors own 67.86% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $138.06 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.84 and a debt-to-equity ratio of 4.59. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $168.11. The company has a market capitalization of $243.75 billion, a price-to-earnings ratio of 37.82, a PEG ratio of 2.47 and a beta of 0.51. The firm’s 50-day moving average is $147.17 and its 200 day moving average is $144.23.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, October 27th. The company reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.86 by $0.09. AbbVie had a return on equity of 152.70% and a net margin of 11.81%. The firm had revenue of $13.93 billion for the quarter, compared to analysts’ expectations of $13.72 billion. During the same quarter in the prior year, the firm posted $3.66 earnings per share. The company’s quarterly revenue was down 6.0% on a year-over-year basis. Research analysts predict that AbbVie Inc. will post 11.24 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be issued a dividend of $1.55 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Friday, January 12th. This represents a $6.20 dividend on an annualized basis and a yield of 4.49%. AbbVie’s dividend payout ratio (DPR) is presently 162.19%.

Analyst Upgrades and Downgrades

ABBV has been the topic of several recent analyst reports. Piper Sandler lifted their price objective on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday, July 28th. William Blair assumed coverage on shares of AbbVie in a report on Tuesday, July 25th. They issued a “market perform” rating on the stock. Piper Sandler Companies increased their price objective on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. Barclays raised AbbVie from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $160.00 to $170.00 in a report on Monday, October 30th. Finally, UBS Group dropped their price target on AbbVie from $157.00 to $150.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $167.69.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.