Empower Advisory Group LLC Increases Holdings in AbbVie Inc.

Empower Advisory Group LLC has increased its investment in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.9% during the fourth quarter, as reported in its latest Form 13F filing with the SEC. This means that the institutional investor now owns a total of 447,659 shares of AbbVie stock after acquiring an additional 12,415 shares during this period. At the conclusion of the most recent reporting, Empower Advisory Group LLC's shares of AbbVie were valued at approximately $79,549,000.

Other Institutional Changes

Many other hedge funds have also adjusted their positions in AbbVie. For instance, State Street Corp raised its holdings by 1.6% in the third quarter, now owning 79,067,935 shares valued at $15.61 billion after adding 1,267,685 shares. Similarly, FMR LLC increased its share count by 3.9%, resulting in a total of 13,630,404 shares worth about $2.69 billion after acquiring 511,470 additional shares. UBS Asset Management also grew their position by 6.1%, collecting 10,175,926 shares valued at approximately $2.01 billion following a purchase of 582,953 shares. Other notable increases included Massachusetts Financial Services, which saw a 4.2% rise as they obtained 9,330,779 shares, and International Assets Investment Management, which boosted its holdings by an impressive 1,745.0%, culminating in ownership of 4,728,063 shares. Currently, around 70.23% of AbbVie’s stock is owned by institutional investors.

AbbVie Stock Overview

As of Tuesday, AbbVie shares opened at $193.00. The stock has fluctuated between a 12-month low of $153.58 and a high of $207.32. AbbVie currently holds a market capitalization of about $341.05 billion, with a PE ratio of 80.42 and a PEG ratio of 1.53. The company’s current ratio is 0.65, with a quick ratio of 0.54, and a debt-to-equity ratio of 9.64. Its 50-day moving average sits at $178.93, with a 200-day moving average of $186.04.

Recent Earnings and Dividends

In its latest earnings report, AbbVie announced earnings of $2.16 per share for the quarter, falling short of the consensus estimate of $2.98 by $0.82. The company posted a return on equity of 257.91% and a net margin of 7.59%. Analysts predict that AbbVie will report an EPS of 12.32 for the current fiscal year. Furthermore, AbbVie has declared a quarterly dividend of $1.64, which will be distributed on May 15th to shareholders of record as of April 15th. This dividend amounts to an annualized total of $6.56, representing a yield of 3.40%.

Analyst Ratings

Several research analysts have provided insights on AbbVie’s performance. Wolfe Research began covering the stock with an "outperform" rating and a price target of $205. Piper Sandler noted an "overweight" rating, assigning a $220 price target. BMO Capital Markets raised their price target from $208 to $215, while Leerink Partners moved AbbVie from "market perform" to "outperform" with a target of $206. However, JPMorgan Chase lowered their target from $210 to $200, maintaining an "overweight" rating. In total, five analysts recommend holding the stock, twenty have assigned a buy rating, and two consider it a strong buy. The average rating for AbbVie shares is classified as a "Moderate Buy" with a target price of $208.35.

Insider Activities

In insider news, Senior Vice President Kevin K. Buckbee sold 1,800 shares of AbbVie on December 16th at an average price of $172.24, totaling approximately $310,032. Following this sale, Buckbee retains ownership of 6,983 shares valued around $1.20 million. This sale reflects a 20.49% decrease in his holdings. Notably, insiders hold about 0.25% of the company's stock.

About AbbVie Inc.

AbbVie Inc. is a global biopharmaceutical company engaged in discovering, developing, manufacturing, and selling drugs. It is known for products like Humira, used for treating autoimmune conditions, and Skyrizi for various skin conditions. The firm also offers Rinvoq for a range of inflammatory diseases and Imbruvica for certain blood cancers.

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