Business
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[2][4].
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[4].
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%[4].
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[4].
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.
