Meiji Yasuda Asset Management Co Ltd. Boosts Holdings in AbbVie Inc. (NYSE:ABBV)

Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of AbbVie Inc. (NYSE:ABBVFree Report) by 8.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 189,255 shares of the company’s stock after purchasing an additional 14,220 shares during the period. AbbVie makes up 1.3% of Meiji Yasuda Asset Management Co Ltd.’s investment portfolio, making the stock its 8th largest holding. Meiji Yasuda Asset Management Co Ltd.’s holdings in AbbVie were worth $32,461,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie in the fourth quarter worth about $26,000. Fairway Wealth LLC bought a new position in shares of AbbVie in the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie in the second quarter worth approximately $27,000. Able Wealth Management LLC purchased a new stake in AbbVie during the fourth quarter valued at approximately $33,000. Finally, IFS Advisors LLC bought a new stake in shares of AbbVie during the 1st quarter valued at $36,000. Institutional investors own 70.23% of the company’s stock.

Insider Activity

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

Analyst Ratings Changes

ABBV has been the topic of several analyst reports. Piper Sandler lifted their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Truist Financial reaffirmed a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Wells Fargo & Company raised their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, AbbVie has an average rating of “Buy” and an average price target of $191.64.

Get Our Latest Research Report on ABBV

AbbVie Stock Down 1.1 %

ABBV opened at $193.50 on Wednesday. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The firm has a 50-day simple moving average of $187.92 and a two-hundred day simple moving average of $175.46. The company has a market capitalization of $341.70 billion, a PE ratio of 57.42, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64.

AbbVie (NYSE:ABBVGet Free Report) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. The business 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% compared to the same quarter last year. During the same quarter last year, the business posted $2.91 EPS. Analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

About AbbVie

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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