Nuveen Asset Management LLC increased its stake in AbbVie Inc (NYSE:ABBV) by 46.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 22,124,489 shares of the company’s stock after acquiring an additional 7,007,887 shares during the period. AbbVie comprises 0.9% of Nuveen Asset Management LLC’s holdings, making the stock its 12th largest position. Nuveen Asset Management LLC’s holdings in AbbVie were worth $2,172,182,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Element Wealth LLC grew its position in AbbVie by 5.7% in the second quarter. Element Wealth LLC now owns 5,524 shares of the company’s stock worth $542,000 after acquiring an additional 296 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its stake in shares of AbbVie by 7.0% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,948 shares of the company’s stock valued at $289,000 after buying an additional 193 shares during the period. Wesbanco Bank Inc. boosted its position in shares of AbbVie by 72.8% during the 2nd quarter. Wesbanco Bank Inc. now owns 128,245 shares of the company’s stock worth $12,591,000 after purchasing an additional 54,010 shares during the period. Banco Santander S.A. raised its stake in AbbVie by 664.9% during the 2nd quarter. Banco Santander S.A. now owns 118,133 shares of the company’s stock worth $11,599,000 after acquiring an additional 102,689 shares in the last quarter. Finally, Laidlaw Wealth Management LLC boosted its holdings in shares of AbbVie by 74.7% in the second quarter. Laidlaw Wealth Management LLC now owns 7,671 shares of the company’s stock valued at $753,000 after acquiring an additional 3,280 shares in the last quarter. Institutional investors and hedge funds own 68.23% of the company’s stock.
Several research firms have recently commented on ABBV. Piper Sandler upped their price target on shares of AbbVie from $97.00 to $110.00 in a research report on Wednesday, June 10th. Atlantic Securities upgraded AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research note on Tuesday, June 23rd. Royal Bank of Canada raised their price objective on AbbVie from $125.00 to $127.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Argus upgraded AbbVie from a “hold” rating to a “buy” rating and boosted their target price for the company from $91.40 to $115.00 in a research note on Tuesday, June 2nd. Finally, ValuEngine lowered AbbVie from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $108.33.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 31st. The company reported $2.34 EPS for the quarter, topping the Zacks’ consensus estimate of $2.20 by $0.14. The business had revenue of $10.43 billion for the quarter, compared to analyst estimates of $10.14 billion. AbbVie had a negative return on equity of 628.57% and a net margin of 19.20%. AbbVie’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period last year, the company posted $2.26 earnings per share. On average, equities analysts predict that AbbVie Inc will post 10.46 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be issued a dividend of $1.18 per share. This represents a $4.72 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date of this dividend is Wednesday, October 14th. AbbVie’s dividend payout ratio is currently 52.80%.
In other news, Vice Chairman Carlos Alban sold 53,325 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total value of $5,332,500.00. Following the completion of the sale, the insider now directly owns 137,899 shares of the company’s stock, valued at $13,789,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is owned by insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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