Interchange Capital Partners LLC has increased its stake in AbbVie Inc. by 0.4% during the second quarter of 2023, according to their recent filing with the Securities and Exchange Commission. The firm now holds 14,775 shares of AbbVie, valued at approximately $2,743,000 after acquiring an additional 66 shares in the period.
Several institutional investors and hedge funds have also adjusted their positions in AbbVie. Vanguard Group Inc. raised its stake by 0.5% in the first quarter, owning 173,917,865 shares, worth about $36.4 billion. Northern Trust Corp increased its holdings by 0.9%, now owning 22,013,920 shares valued at approximately $4.6 billion. Notably, Goldman Sachs Group Inc. significantly boosted its holdings by 31.6%, acquiring an additional 3,519,187 shares, bringing its total to 14,646,908 shares, worth around $3.1 billion. UBS Asset Management also increased its stake, owning 12,771,854 shares valued at approximately $2.7 billion. In total, institutional investors own about 70.23% of AbbVie’s stock.
In insider trading news, Nicholas Donoghoe, Executive Vice President, sold 13,295 shares on August 5, 2023, at an average price of $198.51, totaling $2,639,190.45. This sale reduced his holdings to 58,247 shares valued at about $11.6 million. Similarly, Azita Saleki-Gerhardt, another Executive Vice President, sold 42,370 shares on August 12, 2023, for a total of $8,407,055.40, resulting in a decrease of her ownership by 19.29%.
AbbVie last reported its quarterly earnings on July 31, 2023, revealing earnings per share of $2.97, which fell short of analysts’ expectations of $3.24 by $0.27. The company generated a revenue of $15.42 billion, surpassing estimates of $14.93 billion, with a year-over-year revenue increase of 6.6%. AbbVie’s net margin stood at 6.45%, and its return on equity reached an impressive 699.66%.
In addition, AbbVie has announced a quarterly dividend of $1.64, payable on November 14, 2023, to shareholders of record as of October 15, 2023. This dividend translates to an annualized rate of $6.56 and a dividend yield of 2.9%. The company’s payout ratio currently stands at 312.38%.
Research analysts have varied opinions on AbbVie’s stock. Recent upgrades include a shift from “hold” to “strong-buy” by Daiwa America and a price target increase from $170 to $270 by Berenberg Bank. Evercore ISI has raised its price target from $207 to $222, while HSBC set a target of $225. JPMorgan Chase & Co. has also increased its price target from $200 to $235.
Overall, AbbVie has received a consensus rating of “Moderate Buy,” with a price target of approximately $234.80 according to MarketBeat.com. The pharmaceutical company is known for its innovative drugs, including Humira for autoimmune diseases and Skyrizi for plaque psoriasis, among others.
