MetLife Investment Management LLC trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 1.1% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 521,364 shares of the company’s stock after selling 5,594 shares during the quarter. AbbVie comprises about 0.5% of MetLife Investment Management LLC’s portfolio, making the stock its 24th biggest holding. MetLife Investment Management LLC’s holdings in AbbVie were worth $70,243,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the stock. Retirement Income Solutions Inc bought a new stake in shares of AbbVie during the 1st quarter worth $204,000. Ergoteles LLC lifted its position in shares of AbbVie by 17.8% during the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after buying an additional 847 shares during the last quarter. First Western Trust Bank bought a new stake in shares of AbbVie during the 1st quarter worth $1,150,000. Wsfs Capital Management LLC bought a new stake in shares of AbbVie during the 1st quarter worth $562,000. Finally, Bridgewater Associates LP lifted its position in shares of AbbVie by 80.4% during the 1st quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock worth $12,242,000 after buying an additional 33,661 shares during the last quarter. 67.86% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
ABBV has been the subject of several recent analyst reports. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a research report on Monday, August 28th. Raymond James started coverage on AbbVie in a research report on Thursday, September 28th. They issued an “outperform” rating and a $177.00 target price for the company. UBS Group dropped their target price on AbbVie from $157.00 to $150.00 and set a “neutral” rating for the company in a research report on Friday, October 20th. Piper Sandler Companies increased their target price on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday, July 28th. Finally, William Blair started coverage on AbbVie in a research report on Tuesday, July 25th. They issued a “market perform” rating for the company. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $167.69.
AbbVie Trading Down 0.2 %
Shares of ABBV stock traded down $0.32 on Monday, hitting $137.98. The company had a trading volume of 1,285,254 shares, compared to its average volume of 5,508,937. The firm has a market cap of $243.61 billion, a P/E ratio of 37.89, a P/E/G ratio of 2.45 and a beta of 0.51. The stock’s 50-day moving average is $146.58 and its two-hundred day moving average is $143.95. The company has a debt-to-equity ratio of 4.59, a quick ratio of 0.84 and a current ratio of 0.96. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $168.11.
AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings results on Friday, October 27th. The company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.86 by $0.09. AbbVie had a return on equity of 152.70% and a net margin of 11.81%. The business had revenue of $13.93 billion for the quarter, compared to analyst estimates of $13.72 billion. During the same quarter in the prior year, the company earned $3.66 earnings per share. The company’s quarterly revenue was down 6.0% on a year-over-year basis. On average, equities research analysts anticipate that AbbVie Inc. will post 11.24 earnings per share for the current fiscal year.
AbbVie Increases Dividend
The firm also recently declared 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. This represents a $6.20 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date is Friday, January 12th. AbbVie’s dividend payout ratio (DPR) is 169.86%.
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.
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