Opinicus Capital Inc. has expanded its holdings in AbbVie Inc. (NYSE:ABBV) by purchasing an additional 769 shares during the second quarter of 2023. This acquisition increased Opinicus’s total shares to 10,238, representing an 8.1% rise in its investment. As of the latest filing with the Securities and Exchange Commission, these shares are valued at approximately $1,900,000, making AbbVie the firm’s 17th largest investment, accounting for around 1.4% of its overall portfolio.
Other institutional investors have also recently adjusted their positions in AbbVie. FF Advisors LLC increased its holdings by 3.6% in the second quarter, now owning 1,539 shares worth $286,000. Private Management Group Inc. enhanced its stake by 1.9% during the first quarter, acquiring an additional 54 shares to reach a total of 2,938 shares valued at $616,000. Meanwhile, LifeSteps Financial Inc. added 54 shares in the second quarter, bringing its total to 7,358 shares, which are now worth $1,366,000.
Institutional ownership of AbbVie is significant, with approximately 70.23% of the stock held by various institutional investors. This reflects a growing confidence among large stakeholders in the company’s future prospects.
Analysts’ Perspectives on AbbVie
Analysts have been closely monitoring AbbVie’s performance and issuing ratings based on their findings. Scotiabank recently initiated coverage on AbbVie, issuing a “sector outperform” rating with a target price of $280.00. Morgan Stanley adjusted its price objective from $250.00 to $255.00 while maintaining an “overweight” rating. In contrast, Erste Group Bank downgraded its rating from “buy” to “hold” on October 14, 2023.
Evercore ISI also revised its price target on AbbVie shares from $207.00 to $222.00, maintaining an “outperform” rating. Additionally, Piper Sandler reaffirmed its “overweight” rating with a new target price of $289.00, up from $284.00. Overall, three analysts have rated the stock as a Strong Buy, while fourteen have assigned it a Buy rating, and ten analysts have given a Hold rating.
According to data from MarketBeat, AbbVie currently holds an average rating of “Moderate Buy” with a consensus target price of $240.14.
AbbVie’s Financial Performance and Dividend Increase
On October 31, 2023, AbbVie reported its earnings for the third quarter, revealing earnings per share of $1.86, surpassing analysts’ expectations of $1.77 by $0.09. The company achieved a net revenue of $15.78 billion, exceeding estimates of $15.58 billion and reflecting a year-over-year increase of 9.1%. AbbVie’s return on equity stood at an impressive 699.66%, with a net margin of 6.45%.
The company also declared a quarterly dividend of $1.73 per share, scheduled for payment on February 17, 2025, to shareholders recorded on January 16, 2025. This marks an increase from the previous quarterly dividend of $1.64, resulting in an annualized dividend of $6.92 and a yield of 3.0%. The dividend payout ratio is currently at 524.24%.
AbbVie continues to demonstrate a strong presence in the pharmaceutical industry, with a diverse portfolio that includes treatments for autoimmune diseases, blood cancers, and various other conditions. The company remains committed to innovation and growth as it navigates the competitive landscape of the healthcare sector.
