Geode Capital Management LLC Buys 983,888 Shares of AbbVie Inc. (NYSE:ABBV)

Geode Capital Management LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,144,933 shares of the company’s stock after acquiring an additional 983,888 shares during the quarter. AbbVie accounts for about 0.5% of Geode Capital Management LLC’s investment portfolio, making the stock its 24th largest holding. Geode Capital Management LLC owned approximately 2.10% of AbbVie worth $6,586,948,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Howard Capital Management Group LLC increased its holdings in AbbVie by 20.3% during the 3rd quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company’s stock valued at $397,000 after purchasing an additional 339 shares during the period. Principal Financial Group Inc. grew its position in shares of AbbVie by 12.3% in the 3rd quarter. Principal Financial Group Inc. now owns 2,487,363 shares of the company’s stock worth $491,204,000 after buying an additional 273,078 shares during the last quarter. United Bank bought a new stake in shares of AbbVie in the 3rd quarter worth approximately $217,000. Quantbot Technologies LP purchased a new position in shares of AbbVie during the third quarter valued at approximately $152,000. Finally, Benjamin Edwards Inc. raised its holdings in shares of AbbVie by 792.5% during the third quarter. Benjamin Edwards Inc. now owns 335,966 shares of the company’s stock valued at $66,381,000 after acquiring an additional 298,322 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Kevin K. Buckbee sold 18,944 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total value of $3,853,399.04. Following the transaction, the senior vice president now owns 11,496 shares of the company’s stock, valued at approximately $2,338,401.36. This trade represents a 62.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the sale, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at approximately $8,985,223.60. This represents a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,639 shares of company stock valued at $11,067,025. Company insiders own 0.25% of the company’s stock.

AbbVie Trading Up 2.2 %

NYSE:ABBV opened at $209.83 on Tuesday. The stock has a market cap of $371.19 billion, a price-to-earnings ratio of 87.43, a PEG ratio of 1.62 and a beta of 0.61. The company’s 50 day moving average price is $198.27 and its 200-day moving average price is $189.02. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $218.66. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the previous year, the firm earned $2.79 EPS. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.13%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio is currently 273.33%.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Bank of America lifted their price target on shares of AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Morgan Stanley lifted their target price on shares of AbbVie from $224.00 to $239.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Piper Sandler Companies reissued an “overweight” rating and issued a $220.00 price target on shares of AbbVie in a research note on Tuesday, December 17th. BMO Capital Markets lifted their price objective on AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Finally, UBS Group upped their target price on AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $211.45.

About AbbVie

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.