AbbVie Inc. (NYSE:ABBV) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 553.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 86,277 shares of the company's stock after purchasing an additional 73,081 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in AbbVie were worth $18,077,000 as of its most recent filing with the Securities & Exchange Commission.

• AbbVie Stock Eyes Breakout as Pipeline and Profits Grow

A number of other hedge funds also recently bought and sold shares of the business. Donoghue Forlines LLC raised its holdings in AbbVie by 93.8% in the 1st quarter. Donoghue Forlines LLC now owns 17,484 shares of the company's stock valued at $3,663,000 after acquiring an additional 8,462 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of AbbVie in the 1st quarter valued at approximately $12,851,000. Townsquare Capital LLC grew its stake in shares of AbbVie by 17.1% in the 1st quarter. Townsquare Capital LLC now owns 185,049 shares of the company's stock valued at $38,771,000 after buying an additional 26,989 shares during the period. Founders Financial Alliance LLC grew its stake in shares of AbbVie by 1.5% in the 1st quarter. Founders Financial Alliance LLC now owns 18,302 shares of the company's stock valued at $3,835,000 after buying an additional 272 shares during the period. Finally, Summit Financial Strategies Inc. grew its stake in shares of AbbVie by 1.8% in the 1st quarter. Summit Financial Strategies Inc. now owns 9,629 shares of the company's stock valued at $2,017,000 after buying an additional 172 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by corporate insiders.

AbbVie Price Performance

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Shares of ABBV opened at $198.10 on Friday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The firm's fifty day simple moving average is $189.65 and its 200-day simple moving average is $191.21. The firm has a market capitalization of $349.96 billion, a price-to-earnings ratio of 94.33, a PEG ratio of 1.27 and a beta of 0.50. The company has a current ratio of 0.74, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

• If You Wanted To Buy AbbVie and Didn’t, There’s Still Time To Buy

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ABBV. Guggenheim increased their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Morgan Stanley increased their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Cantor Fitzgerald assumed coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research report on Thursday. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.43.

View Our Latest Research Report on ABBV

AbbVie Profile

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.

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