Institutional Investors Adjust AbbVie Stakes as Stock Trades Near Highs, Analysts Raise Targets
Institutional investors disclosed major changes to their AbbVie holdings as the stock hovers near record levels. AbbVie maintains a Moderate Buy analyst consensus with a $268.10 price target, buoyed by strong quarterly earnings and a newly declared dividend.
Multiple institutional investors have adjusted their stakes in AbbVie Inc. (NYSE: ABBV) according to recent 13F filings with the Securities and Exchange Commission, as the stock trades near its 52-week high and analysts maintain a Moderate Buy consensus with a rising price target.
Notable movements include Dai ichi Life Insurance Company Ltd trimming its position by 12.0% in the first quarter, selling 18,953 shares to retain 139,196 shares worth $30.3 million. China Universal Asset Management Co. reduced its holding by 32.0% in the third quarter, unloading 5,131 shares to hold 10,906 shares valued at $2.5 million. Conversely, Total Wealth Planning & Management acquired a new stake of 12,757 shares (approximately $2.9 million). Other buyers included Vanguard Group, which added 448,554 shares to its massive 177.7-million-share position; Public Sector Pension Investment Board, which increased its stake by 17.0%; and Norges Bank, which initiated a new $4.3 billion position. Overall, institutional investors control 70.23% of AbbVie's outstanding shares.
The stock has garnered a Moderate Buy rating from twenty five analysts, with a consensus price target of $268.10, significantly above the earlier year target of $253.43. Recent analyst actions include Wells Fargo boosting its price objective to $295, JPMorgan raising to $280, and Piper Sandler reiterating an overweight rating with a $298 target.
On Friday, AbbVie shares opened at $259.10, just shy of the 52-week high of $261.64 and far above the 52-week low of $187.62. The $457.78 billion market cap company has a price-to-earnings ratio of 127.64. AbbVie's latest quarterly results beat expectations: earnings per share came in at $2.65 on revenue of $15.0 billion, representing a 12.4% year-over-year revenue increase. Analysts forecast full-year earnings per share of 14.18.
The board declared a quarterly cash dividend of $1.73 per share, payable August 14 to shareholders of record July 15, which translates to an annual yield of 2.7%. AbbVie is a global biopharmaceutical company focusing on immunology, oncology, neuroscience, virology, and women’s health.