BDF Gestion has reduced its stake in AbbVie Inc. (NYSE: ABBV) by 17.2% in the third quarter of 2023, according to HoldingsChannel. After selling 7,178 shares, BDF Gestion now holds 34,522 shares, valued at approximately $7,993,000. AbbVie represents around 0.9% of BDF Gestion’s investment portfolio, ranking as its 19th largest holding.
This adjustment comes as part of a broader trend among institutional investors and hedge funds modifying their positions in AbbVie. Conning Inc. increased its stake by 7.1% in the second quarter, acquiring an additional 12,690 shares to reach a total of 191,023 shares, valued at $35,458,000. Similarly, Dohj LLC raised its holdings by 41.8%, now owning 4,529 shares worth $802,000 after adding 1,335 shares.
First Hawaiian Bank and BankPlus Trust Department also made notable adjustments. First Hawaiian Bank boosted its stake by 0.8%, bringing its total to 7,556 shares valued at $1,403,000. BankPlus Trust Department increased its holdings by 3.3%, owning 27,113 shares worth $5,033,000 after acquiring 855 additional shares.
Whittier Trust Co. increased its stake by 4.0%, now holding 237,030 shares valued at $43,997,000 following the purchase of 9,073 shares.
Analyst Insights and Stock Performance
Despite these changes in holdings, analysts continue to express confidence in AbbVie’s stock. Piper Sandler recently reaffirmed an “overweight” rating with a target price of $289.00, up from a previous estimate of $284.00. Guggenheim raised its target price from $227.00 to $242.00, while Wells Fargo increased its price target from $240.00 to $260.00.
As of November 5, 2023, AbbVie shares opened at $227.44. The stock has shown a solid performance, with a 50-day moving average of $226.63 and a 200-day moving average of $211.14. AbbVie has a market capitalization of $401.98 billion and a price-to-earnings (P/E) ratio of 172.30.
On October 31, 2023, AbbVie reported $1.86 in earnings per share, surpassing analyst expectations of $1.77. The company achieved revenue of $15.78 billion for the quarter, exceeding forecasts of $15.58 billion. This revenue reflects a 9.1% increase compared to the same quarter last year, with AbbVie projecting earnings per share guidance of $3.320 to $3.360 for the fourth quarter of 2025.
Dividend Announcement and Company Overview
AbbVie has also announced an increase in its quarterly dividend. Shareholders of record on January 16, 2024, will receive a dividend of $1.73 per share, up from the previous $1.64. This increase represents an annualized dividend of $6.92 and a yield of 3.0%, with a dividend payout ratio of 496.97%.
Founded in 2013 as a spin-off from Abbott Laboratories, AbbVie is a global, research-driven biopharmaceutical company headquartered in North Chicago, Illinois. The company specializes in developing therapies for complex medical conditions across various therapeutic areas, including immunology, oncology, neuroscience, virology, and women’s health.
As investment strategies continue to evolve, AbbVie remains a focal point for both institutional investors and analysts, reflecting its significant presence in the biopharmaceutical market.
