State of Alaska Department of Revenue Has $53.86 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

State of Alaska Department of Revenue reduced its position in AbbVie Inc. (NYSE:ABBV) by 3.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 295,759 shares of the company’s stock after selling 10,235 shares during the period. AbbVie accounts for approximately 0.6% of State of Alaska Department of Revenue’s investment portfolio, making the stock its 20th largest holding. State of Alaska Department of Revenue’s holdings in AbbVie were worth $53,856,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of AbbVie during the fourth quarter worth $26,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie during the fourth quarter worth $33,000. IFS Advisors LLC acquired a new stake in shares of AbbVie during the first quarter worth $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of AbbVie during the fourth quarter worth $37,000. Finally, Clarity Asset Management Inc. acquired a new stake in shares of AbbVie during the fourth quarter worth $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Guggenheim lifted their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday. BMO Capital Markets reduced their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Piper Sandler reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Tuesday. Finally, Barclays reduced their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Stock Performance

ABBV opened at $163.84 on Thursday. AbbVie Inc. has a 52-week low of $132.70 and a 52-week high of $182.89. The firm has a market capitalization of $289.32 billion, a PE ratio of 48.62, a PEG ratio of 2.19 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The business’s 50-day simple moving average is $164.58 and its 200 day simple moving average is $167.82.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. AbbVie’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.46 earnings per share. As a group, sell-side analysts expect that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

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.