State of Alaska Department of Revenue Sells 10,235 Shares of AbbVie Inc. (NYSE:ABBV)

State of Alaska Department of Revenue cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 3.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 295,759 shares of the company’s stock after selling 10,235 shares during the quarter. AbbVie makes up about 0.6% of State of Alaska Department of Revenue’s holdings, making the stock its 20th largest holding. State of Alaska Department of Revenue’s holdings in AbbVie were worth $53,856,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of AbbVie in the 4th quarter worth $3,229,888,000. International Assets Investment Management LLC bought a new stake in AbbVie during the fourth quarter valued at about $499,955,000. Capital International Investors increased its position in AbbVie by 6.0% in the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after buying an additional 2,542,463 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of AbbVie by 39.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock valued at $1,305,252,000 after buying an additional 2,390,239 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after acquiring an additional 1,702,415 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Guggenheim boosted their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday. BMO Capital Markets dropped their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Piper Sandler reiterated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Tuesday. Finally, HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Wednesday, June 5th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Stock Down 1.3 %

AbbVie stock opened at $163.84 on Thursday. The firm has a market cap of $289.32 billion, a P/E ratio of 48.62, a P/E/G ratio of 2.19 and a beta of 0.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a twelve month low of $132.70 and a twelve month high of $182.89. The business has a fifty day moving average of $164.58 and a two-hundred day moving average of $167.82.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. AbbVie’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.46 EPS. On average, analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

AbbVie Profile

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.