In the second quarter of this year, MJP Associates Inc. ADV reduced its holdings in AbbVie Inc. by 39.4%, according to a filing with the Securities & Exchange Commission. The institutional investor sold 3,252 shares during the quarter, leaving them with 5,006 shares of AbbVie stock worth $674,000 as of their most recent SEC filing.
AbbVie recently released its quarterly earnings results on July 27th, reporting earnings per share (EPS) of $2.91 for the quarter. This exceeded analysts’ consensus estimates of $2.79 by $0.12. The company generated $13.87 billion in revenue during the quarter, surpassing analyst estimates of $13.52 billion. With a net margin of 15.50% and a return on equity of 151.29%, AbbVie continues to perform strongly.
Various research firms have commented on AbbVie’s performance recently. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating on August 28th, signaling positive growth prospects for the pharmaceutical company. Piper Sandler also increased its price target on AbbVie shares from $163.00 to $170.00 and gave it an “overweight” rating in a research note dated July 28th.
William Blair began covering AbbVie in their research report on July 25th and assigned a “market perform” rating to the company’s stock. Credit Suisse Group, on the other hand, lowered their target price on AbbVie from $170.00 to $160.00 in another report published on July 12th.
In terms of overall consensus among analysts, based on data from Bloomberg, AbbVie currently has an average recommendation of “Moderate Buy.” Eight investment analysts have rated the stock as hold, seven as buy, and one as strong buy. The stock has an average price target of $165.79.
Despite MJP Associates Inc. ADV reducing its holdings in AbbVie, the company’s solid quarterly earnings and positive ratings from research firms reflect a strong position in the pharmaceutical market. Investors can remain optimistic about AbbVie’s future performance and potential for further growth based on these recent developments.
Skyline Champion Corporation
SKY
Buy
Updated on: 28/09/2023
Financial Health
Healthy
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
AbbVie Stock Draws Attention from Hedge Funds and Institutional Investors in September 2023
September 19, 2023 – AbbVie Sees Hedge Funds and Institutional Investors Increase or Decrease Stakes
Several hedge funds and institutional investors have made recent changes to their stakes in pharmaceutical company AbbVie (NYSE: ABBV). Johnson & White Wealth Management LLC purchased a new stake in the first quarter, with a value of approximately $721,000. Meanwhile, Sand Hill Global Advisors LLC saw a slight increase in its stake during the same period, now owning 18,755 shares worth $2,989,000 after purchasing an additional 68 shares.
Chesapeake Wealth Management also increased its holdings by 21.4% in the fourth quarter. They now own 13,083 shares valued at $2,114,000 after acquiring an additional 2,305 shares. Quintet Private Bank Europe S.A. acquired a new stake worth $6,686,000 in the first quarter. Lastly, Capital Market Strategies LLC lifted its holdings by 5.0% during the same period and now owns 12,027 shares worth $1,917,000.
Overall, hedge funds and other institutional investors currently hold approximately 67.86% of AbbVie’s stock.
Shares of AbbVie opened at $153.93 on Tuesday and currently have a market cap of $271.69 billion. The company has a debt-to-equity ratio of 4.33 and a current ratio of 0.89 along with a quick ratio of 0.77.
AbbVie has experienced both a one-year low of $130.96 and a one-year high of $168.11 as recorded on September 19th, 2023.
Various research firms have recently commented on ABBV’s stock performance as well. TheStreet upgraded AbbVie’s rating from “c+” to “b” in August this year while Piper Sandler increased their price target from $163.00 to $170.00 and gave the stock an “overweight” rating.
William Blair started coverage on AbbVie with a “market perform” rating, and Credit Suisse Group dropped their target price from $170.00 to $160.00. StockNews.com provided a “strong-buy” rating for the company. Overall, based on data from Bloomberg, AbbVie currently has a consensus rating of “Moderate Buy” with an average price target of $165.79.
On another note, AbbVie announced a quarterly dividend that will be paid on November 15th, affecting investors of record as of October 13th. The dividend amounts to $1.48 per share, representing an annualized dividend of $5.92 and a yield of 3.85%. The ex-dividend date is set for October 12th.
In recent news surrounding AbbVie, CEO Richard A. Gonzalez sold 18,500 shares on July 31st at an average price of $149.15, resulting in a total value of $2,759,275. Following this transaction, Gonzalez now owns 625,294 shares valued at $93,262,600.10.
These changes in stakeholdings and market activity highlight the ongoing interest and movements within AbbVie’s stock by various institutional investors and hedge funds alike.
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