Hemenway Trust Co LLC Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Hemenway Trust Co LLC cut its holdings in AbbVie Inc. (NYSE:ABBV) by 4.0% in the third quarter, HoldingsChannel reports. The firm owned 28,470 shares of the company’s stock after selling 1,198 shares during the quarter. Hemenway Trust Co LLC’s holdings in AbbVie were worth $5,622,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ABBV. Vanguard Group Inc. increased its holdings in shares of AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after buying an additional 9,978,415 shares during the last quarter. Capital International Investors increased its stake in AbbVie by 6.9% during the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after acquiring an additional 3,110,601 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of AbbVie by 3.3% in the 1st quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after purchasing an additional 992,496 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of AbbVie by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after purchasing an additional 134,239 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of AbbVie by 12.8% during the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after purchasing an additional 1,240,434 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Morgan Stanley decreased their price objective on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday. BMO Capital Markets upped their target price on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Barclays raised their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $205.41.

AbbVie Stock Up 0.2 %

Shares of NYSE:ABBV traded up $0.28 on Tuesday, reaching $174.71. The company had a trading volume of 1,100,790 shares, compared to its average volume of 5,372,815. The firm has a market capitalization of $308.74 billion, a PE ratio of 60.57, a PEG ratio of 2.44 and a beta of 0.63. The company has a current ratio of 0.65, a quick ratio of 0.71 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 52-week low of $136.30 and a 52-week high of $207.32. The firm’s 50 day simple moving average is $194.14 and its 200-day simple moving average is $180.83.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.95 earnings per share. As a group, analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.75%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is presently 215.28%.

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.