Chevy Chase Trust Holdings LLC Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Chevy Chase Trust Holdings LLC decreased its position in AbbVie Inc. (NYSE:ABBV) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 981,596 shares of the company’s stock after selling 15,603 shares during the period. AbbVie comprises approximately 0.6% of Chevy Chase Trust Holdings LLC’s portfolio, making the stock its 28th biggest holding. Chevy Chase Trust Holdings LLC owned 0.06% of AbbVie worth $193,846,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the company. Legal & General Group Plc lifted its position in shares of AbbVie by 0.9% during the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after acquiring an additional 134,239 shares in the last quarter. FMR LLC lifted its position in shares of AbbVie by 3.9% during the third quarter. FMR LLC now owns 13,630,404 shares of the company’s stock worth $2,691,732,000 after acquiring an additional 511,470 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of AbbVie by 6.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after acquiring an additional 582,953 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of AbbVie by 4.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock worth $1,842,642,000 after acquiring an additional 373,802 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of AbbVie by 7.6% during the second quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock worth $1,516,358,000 after acquiring an additional 623,569 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 0.1 %

Shares of NYSE:ABBV opened at $182.93 on Monday. The stock’s 50-day moving average price is $188.23 and its 200-day moving average price is $182.02. AbbVie Inc. has a 12-month low of $138.01 and a 12-month high of $207.32. The stock has a market capitalization of $323.26 billion, a P/E ratio of 63.52, a price-to-earnings-growth ratio of 2.09 and a beta of 0.63. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same period last year, the firm earned $2.95 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is currently 215.28%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ABBV. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. UBS Group upped their price target on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Bank of America upped their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Sanford C. Bernstein began coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. Finally, TD Cowen upped their price target on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Three analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $203.50.

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.