AllianceBernstein Boosts Stake in AbbVie by 28.8% in Q2
AllianceBernstein L.P. has significantly increased its holdings in AbbVie Inc. (NYSE: ABBV), raising its stake by 28.8% during the second quarter of 2023. According to data from HoldingsChannel.com, the firm now owns 5,522,670 shares after acquiring an additional 1,234,884 shares during the quarter, bringing the value of its investment to approximately $1.025 billion.
Several other prominent investors also adjusted their positions in AbbVie. Seven Mile Advisory increased its stake by 8.8%, now holding 3,282 shares valued at $609,000. Peapack Gladstone Financial Corp enhanced its position by 9.9%, owning 222,910 shares worth $41.38 million after acquiring 20,164 shares. Meanwhile, Wealth Preservation Advisors LLC raised its holdings by a substantial 45.9%, bringing its total to 731 shares valued at $136,000.
Other firms, including Ieq Capital LLC and Main Street Financial Solutions LLC, also expanded their AbbVie portfolios. Ieq Capital raised its stake by 4.6%, now holding 120,035 shares valued at $22.28 million, while Main Street Financial Solutions increased its position by 19.7%, owning 22,974 shares worth $4.27 million. Hedge funds and institutional investors collectively own 70.23% of AbbVie’s stock.
Stock Performance and Dividend Announcement
As of the latest trading session, AbbVie shares opened at $223.83. The company has a market capitalization of $395.59 billion and a price-to-earnings ratio of 169.57. Over the past year, AbbVie shares have fluctuated between a low of $164.39 and a high of $244.81.
AbbVie recently announced a quarterly dividend of $1.73 per share, set to be paid on February 17, 2024, to shareholders of record on January 16, 2024. This represents an increase from the previous dividend of $1.64, resulting in an annualized dividend of $6.92 and a dividend yield of 3.1%. AbbVie’s current dividend payout ratio stands at 496.97%.
Analysts’ Opinions on AbbVie
Analysts have recently updated their forecasts regarding AbbVie’s stock. Bank of America raised its price target from $220.00 to $251.00 while maintaining a “neutral” rating in a report dated October 3, 2023. Similarly, Guggenheim increased its price objective from $227.00 to $242.00, assigning a “buy” rating in a report released on October 20, 2023.
HSBC recently upgraded its rating from “hold” to “buy” and set a new target price of $265.00. On the other hand, DZ Bank downgraded AbbVie to a “hold” rating with a target price of $237.00. Market analysts show a general consensus rating of “Moderate Buy” for AbbVie, with three analysts rating it as a Strong Buy, fourteen as Buy, and eight as Hold. The average target price among analysts is $243.85.
AbbVie Inc. continues to be a significant player in the pharmaceutical industry, focusing on the discovery, development, and manufacturing of a diverse range of medications. Its product lineup includes treatments for autoimmune diseases, blood cancers, and various other serious conditions. As the company navigates market changes and investor interests, its performance will be closely monitored by both analysts and shareholders.
