Bank of America 13F: Cuts AbbVie (ABBV) Stake by $429M

Bank of America reduced its holdings in AbbVie Inc. (NYSE: ABBV) by 7.3%, according to its latest Form 13F filing with the Securities and Exchange Commission. The institutional manager parted with 1,887,456 shares during the period. The transaction left the bank with 23,936,943 shares of the biopharmaceutical company, a position valued at approximately $5.44 billion at the close of the reporting period.

Bank of America Trims Its Large AbbVie Position

The 7.3% reduction trimmed Bank of America's position from its previous holding of 25,824,399 shares. Even after selling off nearly 1.89 million shares, the bank maintains a massive stake in the drugmaker. The cost basis for the position was recorded at $105.93 per share.

AbbVie Stock Movements Since the Filing

On Friday, AbbVie shares were trading at $227.23. Looking at how the stock has performed since the quarter covered by the filing, the equity has experienced some fluctuations. The stock is currently trading slightly below its 200-day moving average of $229.80 and further below its 50-day moving average of $255.68. Over the past year, AbbVie has established a 52-week range of $190.75 to $267.47, meaning current prices sit closer to the higher end of that range but have pulled back from recent peaks.

Steady Top-Line Growth in Recent Earnings

AbbVie's financial performance supports its massive market presence, with latest figures showing revenue of $64.39 billion, representing a 10.2% growth rate. The company generated earnings per share of $3.54 and reported a net margin of 9.8%. Investors looking for the next financial update can mark October 29, 2026, on their calendars, which is when the company is scheduled to report its next quarterly earnings.

A Reliable Dividend Stream

For income-focused investors, AbbVie continues to offer a competitive dividend. The company pays an annual dividend rate of $6.92 per share, which yields 2.62% based on recent prices.

Wall Street Analysts Lean Bullish on AbbVie

Several major financial firms have updated their outlooks on AbbVie. On October 13, 2026, RBC Capital reiterated an Outperform rating with a $280.00 price target. A few days earlier, on October 9, UBS maintained a Neutral rating but adjusted its target to $275.00, while Guggenheim reiterated a Buy rating with a target of $288.00. On October 8, JP Morgan kept an Overweight rating and a $300.00 target, and Cantor Fitzgerald maintained its Overweight rating with a $290.00 target. Morgan Stanley maintained its Overweight rating with a $310.00 target on October 7, and Scotiabank kept its Sector Outperform rating with a $320.00 target on October 6. Earlier, on September 10, HSBC maintained its Buy rating with a $315.00 price target. Across 28 analyst opinions, the consensus recommendation remains a buy, with an average price target of $278.61.

Inside AbbVie's Medical Portfolio

AbbVie is a global biopharmaceutical giant that develops and sells specialized treatments. While best known for its blockbuster immunology drugs like Skyrizi and Rinvoq, the company also makes cancer therapies like Venclexta and Botox cosmetic treatments. This diversified portfolio has helped the company transition as older therapies face cheaper competition.

What to Watch Next for AbbVie

Investors will want to watch the upcoming October 29, 2026, earnings report to see if revenue growth remains on track. It is also worth keeping in mind that 13F filings are backward-looking documents that show what major institutions held at the end of a previous quarter, meaning Bank of America's current position could be different today.