ClariVest Asset Management LLC Lowers Stock Position in AbbVie Inc. (NYSE:ABBV)

ClariVest Asset Management LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 69.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,330 shares of the company’s stock after selling 102,813 shares during the quarter. AbbVie makes up about 0.8% of ClariVest Asset Management LLC’s holdings, making the stock its 15th biggest position. ClariVest Asset Management LLC’s holdings in AbbVie were worth $8,072,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in AbbVie during the fourth quarter worth about $3,229,888,000. International Assets Investment Management LLC purchased a new stake in shares of AbbVie during the 4th quarter worth approximately $499,955,000. Capital International Investors raised its holdings in shares of AbbVie by 6.0% in the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after purchasing an additional 2,542,463 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in AbbVie by 39.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock valued at $1,305,252,000 after purchasing an additional 2,390,239 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in AbbVie by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after purchasing an additional 1,702,415 shares during the period. 70.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on ABBV shares. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research note on Wednesday, June 5th. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Tuesday, July 2nd. Guggenheim lifted their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Tuesday. Finally, Barclays cut their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $182.69.

AbbVie Price Performance

AbbVie stock traded up $0.37 during midday trading on Friday, hitting $170.28. 4,133,520 shares of the company’s stock were exchanged, compared to its average volume of 5,710,643. The company has a market cap of $300.69 billion, a P/E ratio of 50.53, a PEG ratio of 2.16 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The stock has a 50-day moving average price of $165.23 and a two-hundred day moving average price of $168.48. AbbVie Inc. has a 52-week low of $132.70 and a 52-week high of $182.89.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. AbbVie’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.46 earnings per share. On average, equities research analysts forecast that AbbVie Inc. will post 10.96 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

AbbVie Profile

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.