BDF Gestion has decreased its holdings in AbbVie Inc. (NYSE: ABBV) by 17.2% during the third quarter of 2023, as reported by HoldingsChannel. The firm sold 7,178 shares, leaving it with a total of 34,522 shares. AbbVie now represents approximately 0.9% of BDF Gestion’s investment portfolio, ranking as its 19th largest holding. As of the latest filing with the U.S. Securities and Exchange Commission (SEC), BDF Gestion’s stake in AbbVie was valued at approximately $7.99 million.
Several other institutional investors have also adjusted their positions in AbbVie. Conning Inc. increased its holdings by 7.1% during the second quarter, now owning 191,023 shares valued at $35.46 million after acquiring an additional 12,690 shares. Other notable changes include Dohj LLC, which boosted its stake by 41.8% during the same quarter, bringing its total to 4,529 shares worth $802,000. First Hawaiian Bank slightly increased its holdings by 0.8%, while BankPlus Trust Department raised its stake by 3.3%. Whittier Trust Co. also increased its investment by 4.0%, now owning 237,030 shares valued at $44.00 million. Overall, hedge funds and institutional investors hold 70.23% of AbbVie’s stock.
Analyst Ratings and Stock Performance
AbbVie has garnered attention from analysts recently, with several upgrades in ratings. Piper Sandler reaffirmed an “overweight” rating, raising the price target to $289.00 from $284.00. Guggenheim also raised its target from $227.00 to $242.00 and maintained a “buy” rating. Additionally, Wells Fargo & Company increased its price target to $260.00 from $240.00, reflecting an “overweight” rating. HSBC Global Research upgraded AbbVie from a “hold” to a “strong-buy” rating, while Scotiabank initiated coverage, issuing a “sector outperform” rating with a target of $280.00. The consensus rating for AbbVie is currently “Moderate Buy,” with an average target price of $245.84, according to MarketBeat.com.
On the trading front, shares of AbbVie opened at $227.44 on Friday. The company has maintained a 50-day moving average price of $226.63 and a 200-day moving average price of $211.14. AbbVie’s market capitalization stands at approximately $401.98 billion, with a price-to-earnings (P/E) ratio of 172.30 and a beta of 0.36. The stock has ranged between a one-year low of $164.39 and a high of $244.81.
Recent Earnings and Dividend Announcement
AbbVie recently reported its earnings results for the third quarter on October 31, 2023. The company achieved earnings per share of $1.86, exceeding the consensus estimate of $1.77 by $0.09. AbbVie’s revenue for the quarter reached $15.78 billion, surpassing analyst expectations of $15.58 billion. This represents a 9.1% increase in revenue compared to the same quarter last year. The company has set guidance for the fourth quarter of 2025 at $3.320-3.360 per share, with analysts predicting an annual EPS of $12.31 for the current fiscal year.
In addition, AbbVie has announced a quarterly dividend of $1.73 per share, set to be paid on February 17, 2024. Shareholders of record on January 16, 2024, will receive this dividend, marking an increase from the previous quarterly dividend of $1.64. The annualized dividend totals $6.92, with a yield of 3.0%. AbbVie’s dividend payout ratio currently stands at 496.97%.
Founded in 2013 as a spin-off from Abbott Laboratories and headquartered in North Chicago, Illinois, AbbVie is a global biopharmaceutical company. It focuses on researching, developing, and commercializing therapies for complex medical conditions, with a diverse product portfolio that spans various therapeutic areas, including immunology, oncology, and neuroscience.
