Promethos Capital LLC Raises Stock Position in AbbVie Inc. (NYSE:ABBV)

Promethos Capital LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 119.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,278 shares of the company’s stock after acquiring an additional 16,510 shares during the period. AbbVie accounts for 1.9% of Promethos Capital LLC’s holdings, making the stock its 19th biggest position. Promethos Capital LLC’s holdings in AbbVie were worth $5,193,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Canada Pension Plan Investment Board increased its position in shares of AbbVie by 22.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,868,905 shares of the company’s stock valued at $492,075,000 after acquiring an additional 529,707 shares during the period. Benjamin F. Edwards & Company Inc. lifted its position in AbbVie by 2.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 278,306 shares of the company’s stock valued at $47,735,000 after purchasing an additional 5,870 shares during the period. Trust Investment Advisors purchased a new stake in AbbVie in the second quarter valued at $242,000. Brighton Jones LLC grew its position in AbbVie by 2.5% during the 2nd quarter. Brighton Jones LLC now owns 19,721 shares of the company’s stock worth $3,383,000 after purchasing an additional 477 shares during the period. Finally, UP Strategic Wealth Investment Advisors LLC lifted its holdings in shares of AbbVie by 13.7% in the 2nd quarter. UP Strategic Wealth Investment Advisors LLC now owns 1,873 shares of the company’s stock valued at $321,000 after buying an additional 225 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Truist Financial reiterated a “buy” rating and set a $210.00 price target (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. Barclays raised their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $191.64.

AbbVie Price Performance

NYSE:ABBV opened at $193.63 on Friday. The stock has a 50 day moving average of $188.89 and a two-hundred day moving average of $175.71. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. The firm has a market cap of $341.93 billion, a P/E ratio of 57.46, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.91 earnings per share. On average, analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

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.