Opinicus Capital Inc. has increased its investment in AbbVie Inc. (NYSE: ABBV) by acquiring an additional 769 shares during the second quarter of 2023. This purchase marks an 8.1% growth in the firm’s holdings, bringing their total to 10,238 shares. AbbVie now constitutes approximately 1.4% of Opinicus Capital’s investment portfolio, making it the firm’s 17th largest position. According to their most recent filing with the Securities & Exchange Commission, the value of these holdings is estimated at $1.9 million.
Several other institutional investors have also adjusted their positions in AbbVie recently. For instance, FF Advisors LLC increased its holdings by 3.6% during the same quarter, acquiring 53 additional shares to reach a total of 1,539 shares valued at approximately $286,000. Similarly, Private Management Group Inc. raised its stake by 1.9% in the first quarter, now owning 2,938 shares worth roughly $616,000 after purchasing 54 shares.
Another notable investor, LifeSteps Financial Inc., boosted its position by 0.7% in the second quarter, ending with 7,358 shares valued at about $1.366 million. Additionally, Silicon Valley Capital Partners enhanced their holdings by 10.8% in the first quarter, bringing their total to 573 shares valued at $118,000. Finally, Seneca House Advisors increased its share count by 2.7% in the second quarter, now holding 2,093 shares valued at around $388,000. Overall, institutional investors own approximately 70.23% of AbbVie stock.
Analyst Insights and Stock Performance
Equities analysts have recently provided insights on AbbVie, with mixed ratings. Scotiabank initiated coverage with a “sector outperform” rating and set a target price of $280.00. In contrast, Morgan Stanley raised its price target from $250.00 to $255.00 while maintaining an “overweight” rating. Conversely, Erste Group Bank downgraded the stock from a “buy” to a “hold” rating.
On October 31, 2023, AbbVie reported earnings that exceeded analysts’ expectations. The company announced earnings per share (EPS) of $1.86, surpassing the consensus estimate of $1.77 by $0.09. AbbVie generated revenue of $15.78 billion during the quarter, up 9.1% year-over-year and exceeding analyst predictions of $15.58 billion. The company anticipates a Q4 2025 guidance of $3.320 to $3.360 EPS, with analysts projecting an average EPS of 12.31 for the current year.
Dividend Announcement and Company Overview
In addition to its strategic investments, AbbVie has announced a quarterly dividend of $1.73 per share, payable on February 17, 2024. Shareholders of record on January 16, 2024, will receive this dividend, which represents an annualized total of $6.92 and a yield of 3.0%. This marks an increase from the previous quarterly dividend of $1.64.
Founded in 2013, AbbVie Inc. specializes in the discovery, development, manufacturing, and sale of pharmaceuticals worldwide. The company is known for its flagship drug, Humira, used for treating autoimmune diseases, as well as other medications like Skyrizi and Rinvoq, which address various conditions including plaque psoriasis and rheumatoid arthritis. AbbVie continues to play a significant role in the global pharmaceutical landscape, driven by its robust portfolio of innovative treatments.
