Sumitomo Life Insurance Co. has reduced its stake in AbbVie Inc. (NYSE: ABBV) by 5.9% during the second quarter of 2023. According to the company’s recent filing with the Securities and Exchange Commission, Sumitomo now holds 15,857 shares after selling 987 shares in this period, with these holdings valued at approximately $2,943,000.
Several other institutional investors have also made adjustments to their AbbVie positions. Notably, Plato Investment Management Ltd increased its stake by 0.8%, owning 52,154 shares worth $9,645,000 after acquiring an additional 410 shares. Similarly, Frederick Financial Consultants LLC raised its stake by 4.8%, bringing its total to 2,641 shares valued at $490,000 following the purchase of 120 shares.
In a more dramatic move, Longbow Finance SA boosted its investment in AbbVie by 61.5%, now holding 98,843 shares worth $18,347,000 after buying 37,626 shares. Other notable increases in holdings include Aviance Capital Partners LLC with a 0.6% rise to 144,155 shares, and Gould Asset Management LLC, which grew its stake by 44.0% to 1,862 shares, valued at $346,000. Overall, institutional investors hold approximately 70.23% of AbbVie’s stock.
Current Market Performance and Dividends
As of the latest trading session, AbbVie shares opened at $218.14. The company has a market capitalization of $385.35 billion and exhibits a price-to-earnings ratio of 103.87. Its financial ratios include a debt-to-equity ratio of 44.14 and a current ratio of 0.74. Over the past year, AbbVie’s stock has fluctuated between a low of $163.81 and a high of $244.81.
Recently, AbbVie declared a quarterly dividend of $1.73, reflecting an increase from the previous dividend of $1.64. This dividend will be distributed to investors of record on January 16, 2024, and will be paid out on February 17, 2024. The annualized dividend now stands at $6.92 with a yield of 3.2%, although the payout ratio is notably high at 312.38%.
Analyst Ratings and Insider Transactions
Analysts have been active in revising their price targets for AbbVie. For instance, Wells Fargo & Company raised its target from $240.00 to $260.00 while maintaining an “overweight” rating. JPMorgan Chase & Co. also increased its price target from $200.00 to $235.00, alongside a similar rating. Currently, AbbVie holds an average rating of “Moderate Buy” with a consensus target price of $234.80.
In terms of insider trading, Azita Saleki-Gerhardt, Executive Vice President, sold 42,370 shares on August 12, 2023, at an average price of $198.42, totaling approximately $8.4 million. Following this transaction, her remaining shares are valued at about $35.2 million, marking a reduction of 19.29% in her position. Another insider, Nicholas Donoghoe, sold 13,295 shares on August 5, 2023, for about $2.6 million, which reflects an 18.58% decrease in ownership.
AbbVie Inc. is a global leader in pharmaceuticals, known for its innovative treatments including Humira and Skyrizi, which address various autoimmune diseases and cancers. The company continues to adapt to market conditions while maintaining investor interest through dividends and strategic growth initiatives.
