AbbVie Stock Sees Significant Institutional Investment and Positive Earnings Report

As of November 2024, AbbVie Inc. (NYSE: ABBV) continues to attract significant attention from institutional investors and analysts. The company, which is the world’s 26th most valuable by market capitalization at $352.54 billion, has seen notable movements in its stock holdings and recent earnings reports.

Los Angeles Capital Management LLC has substantially increased its stake in AbbVie, purchasing an additional 382,242 shares in the third quarter, bringing its total holdings to 615,498 shares valued at $121,549,000. This move reflects a 163.9% increase in the firm’s position in AbbVie.

In contrast, Chartwell Investment Partners LLC reduced its holdings in AbbVie by 7.3% in the same quarter, selling 9,238 shares. Despite this reduction, AbbVie remains a significant part of Chartwell’s investment portfolio, comprising 0.8% of its holdings.

AbbVie’s recent quarterly earnings report, released on October 30, 2024, showed strong performance. The company reported earnings per share (EPS) of $3.00, exceeding analysts’ consensus estimates of $2.92. Revenue for the quarter was $14.46 billion, up 3.8% from the same quarter last year and surpassing the consensus estimate of $14.28 billion.

The company also announced an increase in its quarterly dividend to $1.64 per share, payable on February 14, 2025, to shareholders of record on January 15, 2025. This represents a $6.56 annualized dividend and a yield of 3.29%.

Analysts have maintained a positive outlook on AbbVie, with several firms raising their target prices. BMO Capital Markets, Citigroup, Piper Sandler, and TD Cowen have all increased their target prices, reflecting a consensus “Moderate Buy” rating and an average target price of $205.82.

Technically, AbbVie’s stock is considered a buy based on various indicators, including its position above its 5, 20, and 50-day exponential moving averages. However, some indicators suggest the stock may be overbought, such as the Relative Strength Index (RSI) of 61.6.