Allspring Global Investments Holdings LLC Has $98.23 Million Position in AbbVie Inc. $ABBV

Allspring Global Investments Holdings LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 18.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 517,034 shares of the company’s stock after selling 113,867 shares during the period. Allspring Global Investments Holdings LLC’s holdings in AbbVie were worth $98,231,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ABBV. Nuveen LLC acquired a new stake in AbbVie during the 1st quarter worth approximately $1,819,154,000. Assenagon Asset Management S.A. boosted its position in AbbVie by 550.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock worth $804,116,000 after buying an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. boosted its position in AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after buying an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in AbbVie during the 2nd quarter worth approximately $581,817,000. Finally, Bessemer Group Inc. boosted its position in AbbVie by 147.6% during the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock worth $576,800,000 after buying an additional 1,641,091 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ABBV. Guggenheim lifted their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Evercore ISI raised their price target on shares of AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a report on Monday, September 22nd. UBS Group set a $251.00 price target on shares of AbbVie in a report on Friday, October 3rd. BMO Capital Markets raised their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Finally, Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and raised their price target for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.90.

AbbVie Stock Performance

NYSE:ABBV opened at $230.36 on Tuesday. The company has a fifty day moving average of $215.50 and a 200-day moving average of $196.89. The firm has a market capitalization of $406.94 billion, a P/E ratio of 109.70, a P/E/G ratio of 1.42 and a beta of 0.51. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.65 EPS. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie’s payout ratio is currently 312.38%.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

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.