Management initially blamed slow take-up post pandemic for the drug's declining sales, but Gonzalez also told JPM Conference attendees that "new competitive entrants has significantly lowered our sales expectations for Imbruvica". AbbVie, like its parent Abbot Laboratories, is a well-established dividend growth stock. The average Abbvie stock price prediction forecasts a potential upside of 7.07% from the current ABBV share price of $155.27. Fortunately for AbbVie shareholders Gonzalez and his management team have had many more years than expected to prepare for Humira's Loss of Exclusivity ("LOE"), and it has never been the Pharma's ambition to build its business around a single, all-conquering but time-limited drug. losed Joint Stock Company FinTech Solutions, Fidelity NASDAQ Composite Index Tracking Stock Fund, Abbvie stock price analysis: Past year performance, Abbvie fundamental analysis: Q1 2022 earnings, Abbvie stock forecast: Company guidance and analysts predictions. The drug is now approved in severe Rheumatoid Arthritis, active Psoriatic Arthritis, moderate to severe Atopic Dermatitis, Ulcerative Colitis, active Ankylosing Spondylitis, with Crohn's Disease the next approval on the list. Currently, the company has a "stable" rating, but that must be maintained or investors will perceive the company as unsafe to invest in and that will drag the share price down rapidly. The most recent increase was . What intrigues here is the possibility of RGX-314, an anti-VEGF gene therapy that Gonzalez believes "has the potential to be a one-time treatment for wet AMD, diabetic retinopathy and other chronic retinal conditions". Morningstar: 2019 Morningstar, Inc. All Rights Reserved. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. The 21 analysts offering 12-month price forecasts for Abbvie Inc have a median target of 165.00, with a high estimate of 200.00 and a low estimate of 135.00. On average, analysts rate AbbVie stock as a buy. AbbVie is one of the largest global Pharmaceuticals, with a market cap of >$265bn. If you have an ad-blocker enabled you may be blocked from proceeding. Snowflake Reports Weak Guidance: Is the Growth Snowflake Melting? Although the company has admitted that 2023 earnings will likely be down in 2022 - guidance for last year is for earnings per share ("EPS') of $13.84 - $13.88 on an adjusted diluted basis, versus $12.7 in 2021 - Gonzalez and his team were making some bold promises to investors at this year's JP Morgan Healthcare conference. I am not receiving compensation for it (other than from Seeking Alpha). Our daily ratings and market update email newsletter. With Skyrizi and Rinviq - two assets developed in-house - performing so well, however, perhaps we should give management the benefit of the doubt. Shares of ABBV stock can be purchased through any online brokerage account. As such I have modelled similar, although I have included an additional revenue stream from new products which I expect to be minor in nature but ultimately contributing an additional $1.5bn to the top line. Psoriatic arthritis is also adding significantly to Skyrizi's momentum, where we are now approved in 54 countries. Migraine therapy Ubrelvy is a future blockbuster, Gonzalez believes, as is Qulipta, in the same indication. The majority of the biosimilar (more sophisticated versions of generic drugs) imitations of Humira that will contest for market share with the original will launch around the middle of 2023, including versions developed by Pfizer (PFE), Boehringer Ingelheim, Organon (OGN), Biocon, Coherus Biosciences (CHRS) and Sandoz, whilst Amgen's (AMGN) Amjevita is permitted to launch in January. Should I buy or sell AbbVie stock right now? I take the total revenue figure from each year and plug it into an income statement forecast as follows: AbbVie income statement forecast. In February, a Phase 3 induction study saw positive top-line results. The fact that my own forecasts are less ambitious than management's reflects the fact I have not introduced new products into my forecasts, and it will be interesting to see how management performs on that front as AbbVie has not really had to have a string pipeline while Humira has delivered such dominance in the auto-immune markets. How do I arrive at my share price target? In most cases, trials are underway for multiple indications, including some therapies that have already been approved for 1 or more conditions. Revance Therapeutics gapped up 54.34% on January 9, and built upon those gains in February. The median. It had an upside potential of 4.76%, based on the closing price of $152.49 on 29 June. As we can see above one of either Skyrizi or Rinvoq has now been approved for all of the same indications as Humira is, except for Hidradenitis Suppurativa, although Rinvoq is undergoing a Phase study in this indication. Forecast target price for 03-06-2023: $ 152.58. In the last two years, GSK's Free Cash Flow has grown by 0.37%, rising from 6.76B to 6.78B. Under the terms of the resolution, AbbVie will grant Alvotech a non-exclusive licence to its Humira-related patents in the US, which will begin on 1 July 2023. It revealed that patients with moderate to severe Crohns disease receiving Abbvies Rinvoq achieved steroid-free clinical remission in significantly higher numbers than patients receiving a placebo. ABBV has several positive factors pushing its price performance. One share of ABBV stock can currently be purchased for approximately $156.06. AbbVie updated its FY 2024 earnings guidance on Friday, February, 10th. Payout ratios above 75% are not desirable because they may not be sustainable. It is in business to discover, develop, manufacture and market pharmaceuticals globally but in a way that best serves the needs of patients and the global community. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. With AbbVie seemingly very confident of approvals for all 3 of these drugs, and Gonzalez suggesting they could form the basis of a "$6 billion kind of franchise" I have modelled for such an outcome by 2030. The company is scheduled to release its next quarterly earnings announcement on Friday, May 5th 2023. My calculation is that Humira revenues in 2023 will be 80% of the 2022 figure, or $16.7bn. And with a dividend yield of 4.9%, AbbVie is quite attractive for investors yearning for . In the past three months, AbbVie insiders have sold more of their company's stock than they have bought. AbbVie Inc. is a US-based biopharma company with global operations. It is generally accepted however that 2023 will see the entrants into the US market of several generic versions of Humira - which works by inhibiting Tumor Necrosis Factor ("TNF"), an inflammation causing protein - from the likes of Viatris (VTRS), Organon (OGN), Pfizer (PFE), Amgen (AMGN), and several more companies involved in the development and sale of generic or biosimilar drugs. AbbVie income statement forecast (My table and assumptions). Since its 2013 separation from Abbott Laboratories (ABT 1.78%), AbbVie's stock has grown more than 160%. According to 34 stock analysts, the average 12-month stock price forecast for AbbVie stock is $166.14, which predicts an increase of 7.62%. 8.05% The median estimate represents a +5.72% increase from the last price of 156.07. Our first quarter results highlight the diversity of our portfolio and include compelling performance from key growth drivers Skyrizi, Rinvoq, Aesthetics and Neuroscience. That was below AbbVie stock analysts' view for $14.16. Eye Care, Other products Division Projected Revenues to 2030 (my table and assumptions ). The average ABBVIE INC stock forecast 2023 represents a 1.86% increase from the last price of $153.729995727539. Having so much debt in a prevailing inflationary environment is also unattractive. Neurology also looks strong although aesthetics, eye care and oncology have something to prove. Disclaimer. View institutional ownership trends. Bhd., AbbVie Sp. The Large Pharma sector performed remarkably well in 2022, with the "Big 8" delivering an average ~15% gain whilst the S&P 500 index fell in value, and the biotech sector was in turmoil. AbbVie CEO Gonzalez told the audience at the JPM Healthcare conference that: We now have a little over 90% access for next year for Humira at parity. Move your mouse over a quarter or year to see how estimates have changed over time. AbbVie Stock Forecast 03-06-2023. Let's begin our analysis with the immunology division. AbbVie Aesthetics / Neurology revenues forecasts to 2030 (my table and assumptions). On average, analysts forecast that ABBV's EPS will be $11.80 for 2023, with the lowest EPS . Capital Com is an execution-only service provider. 580 employees have rated AbbVie Chief Executive Officer Richard A. Gonzalez on Glassdoor.com. I'm on twitter @edmundingham. AbbVie stock is one of the most well-known pharmaceutical companies. For the next year, analysts predict that Free Cash Flow will reach 6.91B - an increase of 1.94%. AbbVie's free cash flow yield is 10.5% compared to 4.3% for Johnson & Johnson . AbbVie trades on the New York Stock Exchange (NYSE) under the ticker symbol "ABBV.". I haven't included Epcoritamab sales in my forecasts this time, but I hope to adjust the table before Q3'22 results are announced. Based on earnings estimates, AbbVie will have a dividend payout ratio of 54.11% next year. Past performance is no guarantee of future results. CFDs are complex leveraged instruments and come with a high risk of losing money. Abbvie Inc quote is equal to 152.710 USD at 2023-02-27. AbbVie's post-Humira LOE plans are not riskless, and its targets are ambitious, but nevertheless I see no harm in picking up shares in the Pharma at the current price, accepting a generous 4% dividend, and likely benefitting from share repurchases and a steadily growing share price until 2030. It's hard to argue against Skyrizi and Rinvoq's performance to date, however, and with the total addressable market across all immunology indications likely well in excess of $100bn, I feel fairly comfortable that AbbVie can grow this division's revenues even as the world's biggest ever selling drug exits stage left. First we can take a quick look at what a forward income statement for AbbVie might look like to 2030. Skyrizi and Rinvoq will together achieve a higher peak sales figure than even Humira could manage, even while Humira is still making a substantial top line contribution, still accounting for as much of 7% of AbbVie's total sales in 2030. A Warner Bros. Skyrizi is a collaboration between Boehringer Ingelheim and AbbVie, with AbbVie leading development and commercialisation globally. (ABBV), MarketBeat Week in Review 2/13 - 2/17 (ABBV), The 3 Best Pharma Stocks to Buy for Big Gains in 2023 (ABBV), How Abbott Labs, AbbVie Could Profit on Seizure Drug Formula (ABBV), AbbVie Has a Mixed Outlook After Mixed Earnings, Q4 2022 AdTheorent Holding Company Inc Earnings Call. Get daily stock ideas from top-performing Wall Street analysts. Over the years, AbbView Inc. has made numerous acquisitions. The acquisition expanded AbbVies neuroscience portfolio, adding first-in-class modulators of the synaptic vesicle protein 2A, including lead molecule SDI-118 currently in Phase 1b studies. Ltd., AbbVie Overseas S. r.l., AbbVie Oy, AbbVie Participaes Ltda., AbbVie Pharmaceutical Trading (Shanghai) Co. Ltd., AbbVie Pharmaceuticals B.V., AbbVie Pharmaceuticals GmbH, AbbVie Pharmaceuticals LLC, AbbVie Pharmaceuticals SCA., AbbVie Pharmaceuticals Societe Anonyme, AbbVie Polska Sp. The shining star in the aesthetics business is Botox, which increased sales by 45% year over year to $477 million in the first quarter of 2021. Get 30 Days of MarketBeat All Access Free, Sign in to your free account to enjoy these benefits. Assuming there are 2 highly effective drugs for 1 disease, PMedicine seeks to identify which patients respond better to each. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We now expect global sales for Skyrizi to reach more than $10 billion in 2025, an increase of $2.5 billion versus our previous guidance, reflecting higher performance across basically all of the indications. Moreover, with surging demand, rising investments in research and development, and increasing e-pharmacy channels, the industry is well-positioned for significant growth New research suggests Depakote ingredient could have a new clinical function. According to CEO Gonzalez: Over the long-term, aesthetics continues to be an extremely attractive underpenetrated market with significant growth potential. This suggests a possible upside of 3.8% from the stock's current price. How to Decide, Taiwan Semiconductor Manufacturing Expanding in the West, One Way to Earn More From Dividend Stocks, How to Choose a Winning Dividend Investing Strategy, 3 Industries Leading the Stock Market Rebound, Oil Tankers Boost Dividends, See Continued Robust Business In '23. I do much more than just articles at Haggerston BioHealth: Members get access to model portfolios, regular updates, a chat room, and more. The following companies are subsidiares of AbbVie: AbbVie (Gibraltar) Holdings Limited, AbbVie (Gibraltar) Holdings Limited Luxembourg S.C.S., AbbVie (Gibraltar) Limited, AbbVie (Pty) Ltd., AbbVie A/S, AbbVie AB, AbbVie AG, AbbVie AS, AbbVie Australasia Holdings Limited, AbbVie B.V., AbbVie Bahamas Ltd., AbbVie Biofarmacevtska druba d.o.o., AbbVie Biopharmaceuticals GmbH, AbbVie Biopharmaceuticals LLC, AbbVie Biopharmaceuticals Ltd., AbbVie Bioresearch Center Inc., AbbVie Biotech Ventures Inc., AbbVie Biotechnology GmbH, AbbVie Biotechnology Ltd, AbbVie Biotherapeutics Inc., AbbVie Biotherapeutics Limited, AbbVie Central Finance B.V., AbbVie Corp, AbbVie Corporation, AbbVie Deutschland GmbH & Co. KG, AbbVie EOOD, AbbVie Endocrine Inc., AbbVie Endocrinology Inc., AbbVie Farmacuticos S.A. de C.V., AbbVie Farmacutica Ltda., AbbVie Finance B.V., AbbVie Finance Corporation, AbbVie Finance LLC, AbbVie GK, AbbVie GmbH, AbbVie Holdings Corporation, AbbVie Holdings Inc., AbbVie Holdings KK, AbbVie Holdings SAS, AbbVie Holdings Unlimited, AbbVie Holdings s.r.o., AbbVie International S. r.l., AbbVie Investments Limited, AbbVie Investments S. r.l., AbbVie Ireland Holdings Limited, AbbVie Ireland NL B.V., AbbVie Ireland Unlimited Company, AbbVie Japan Holdings B.V., AbbVie Kft., AbbVie Komplementr GmbH, AbbVie L.L.C., AbbVie L.da, AbbVie Limited, AbbVie Limited Liability Company, AbbVie Logistics B.V., AbbVie Ltd, AbbVie Ltd., AbbVie Manufacturing Management Limited, AbbVie Nederland Holdings B.V., AbbVie Operations Singapore Pte. Partnerships are with universities, medical facilities, research organizations and other pharmaceutical companies. Receive ABBV Stock News and Ratings via Email. As such, forecasting stock prices is more of an art than a science. Find me at my marketplace channel, Haggerston BioHealth - model portfolio + 4 exclusive stock tips every week. 1 dividend stock for a LIFETIME of income. The surge in revenues can primarily be attributed to its Allergan. Neuroscience is one of AbbVie's most intriguing divisions and perhaps the hardest to model. Allergan plc was an Ireland-based pharmaceutical company focused on health-oriented aesthetic products and is the owner of Botox. The company provided earnings per share (EPS) guidance of $10.70- for the period. Currently, AbbVie sees a significantly higher portion of every dollar end up as cash to do with what they please. A hold rating indicates that analysts believe investors should maintain any existing positions they have in ABBV, but not buy additional shares or sell existing shares. While some of the gains are due to investor perception that it is a strong company, some view ABBV as a defensive stock, with most of the other stocks in the sector also doing well. The consensus among Wall Street research analysts is that investors should "hold" ABBV shares. In the past I have written about the high level of competition between major Pharma in the auto-immune space - for example, for Psoriatic Arthritis the list of approved drugs includes Humira, UCB Pharma's Cimzia, Amgen's Enbrel, Johnson & Johnson's (JNJ) Stelara, Eli Lilly's (LLY) Talzt, Novartis' (NVS) Cosentyx and Bristol-Myers Squibb's (BMY) Orencia. According to the algorithm-based forecaster Wallet Investor in its Abbvie stock forecast for 2022, the price could reach $169.852 by the end of December, $199.491 by 2023 and $229.304 by 2024. The "King Of Quants" sees 10X potential Eric Fry believes he just discovered America's next "Wealth Supercluster" and it's forming in the place you'd least expect. To date, the company had invested more than $50 billion into research through more than 250 partnerships. As per management's guidance, I am modelling for $5.7bn of revenues in 2023, with growth beginning to accelerate substantially from 2025 / 26 onwards. AbbVie Stock Forecast 2022 - 2025 - 2030 | StockForecast.com GB AbbVie passed that onto its 2022 guidance. Although Wallet Investor did not provide targets for 2030, its longer-term Abbvie stock prediction expected the price to hit $300.386 in June 2027. Compare Top Brokerages Here. Negative dynamics for AbbVie shares will prevail with possible volatility of 1.976%. In my model I have then reduced revenues by 20% between 2024 - 2026, and then by 10% per annum between 2027 - 2030. Read the conference call transcript. Sign-up to receive the latest news and ratings for AbbVie and its competitors with MarketBeat's FREE daily newsletter. AbbVie's success - as its shareholders will doubtless be aware - stems from the runaway success of its immunology drug Humira, which is indicated for a range of autoimmune conditions, including Rheumatoid Arthritis, Psoriatic Arthritis, Psoriasis, Crohn's Disease, Ulcerative Colitis, Hidradenitis Suppurativa and Ankylosing spondylitis. There is no mention of Women's Health in the Q2'22 earnings call or in the 10-Q submission to the SEC, or any of the drugs within it, yet the divisions have not (to the best of my knowledge) been sold, despite rumors it was put up for sale at ~$5bn. Below, I will outline how I see AbbVie putting the Humira LOE firmly behind it, and driving the high single digit percentage annual growth management has promised. Find me at my marketplace channel, Haggerston BioHealth - model portfolio + 4 exclusive stock tips every week. Myelofibrosis has proved to be a tricky indication for drug developers and there are no wholly satisfactory solutions on the market at present, therefore if approved I would expect Navitoclax - a drug that AbbVie has been working on for some time - to generate a couple of billion dollars in peak sales. Pessimistic target level: 151.42 Optimistic target level: 154.48 ABBV (ABBV) Monthly Stock Prediction for 2023 Full forecast for 2023 AbbVie forecast for this year Duodopa is approved for Parkinson's Disease but Gonzalez believes that the subcutaneous non-surgical delivery system of candidate ABBV951 can "significantly expand the patient population currently addressed by Duopa", and sees the drug as yet another future blockbuster. We're currently running a sale at my private investing ideas service, Haggerston BioHealth, where members get access to portfolios, market alerts, real-time chat, and more. Please. American Consumer News, LLC dba MarketBeat 2010-2023. ABBV closed at $152.49 on 29 June, which was above its 200-day moving average (MA) of 136.42, indicating a bullish signal for the stocks price movement ahead, according to data from TradingView. To summarize, Humira may be going off-patent, but is more than capable of delivering double-digit billion revenues for another 3-4 years, and even in 2030, it could be amongst the top 20 best-selling drugs worldwide. To see all exchange delays and terms of use please see Barchart's disclaimer. What is the dividend yield for AbbVie? Our momentum combined with ramping contributions from new products and new indications will drive accelerating revenue and EPS growth through the rest of the year., ABBV has done very well to add to its impressive gains from the past couple of years. call (03) 8658 0539 support.au@capital.com. What is Richard A. Gonzalez's approval rating as AbbVie's CEO? Only you can design whether Abbvie stock is the right investment for you. In the last four years, Johnson & Johnson's Free Cash Flow has fallen from $18.53B to $17.00B - a 8.28% decrease. There are currently 9 hold ratings and 7 buy ratings for the stock. I/we have a beneficial long position in the shares of BMY, GILD, ABBV either through stock ownership, options, or other derivatives. I suspect Eye Care is a division AbbVie can turn around given time, and I feel that with regards to oncology, where AbbVie has the strongest pipeline assets - lymphoma bispecific Epcoritamab may be approved to treat large B-cell lymphoma, and peak sales estimates range from $1.5 - $3bn, although AbbVie will not earn all of that since the product is co-developed with Genmab. In-depth profiles and analysis for 20,000 public companies. For the next nine years, the forecast is for Revenue to grow by 3.57%. I have no business relationship with any company whose stock is mentioned in this article. Please log in to your account or sign up in order to add this asset to your watchlist. Rinvoq's progress has been a little more circumspect, but almost as impressive. AbbVie's stock is owned by many different institutional and retail investors. In the next year, analysts predict that Revenue will reach C$253.83M - an increase of 3.50%. All rights reserved. AbbVie's mailing address is 1 NORTH WAUKEGAN ROAD, NORTH CHICAGO IL, 60064. I/we have a beneficial long position in the shares of ABBV, BMY either through stock ownership, options, or other derivatives. This would represent an increase of 1.78%. Investors do not seem to be taking the bait, however, as AbbVie's share price has slipped by >7% across the past month, and >5% across the past 5 days. Among the many avenues of research and innovation are the advancement of precision medicine or pMedicine. What guidance has AbbVie issued on next quarter's earnings? We expect that to happen in 2027 with continued significant growth anticipated in the following years. Gene therapies have been a long time coming, having first been popularized in the early noughties. The companys original winner, Humira, is still the number one revenue source but the portfolio has been greatly expanded. The eye-disease markets are very large - Regeneron's Eylea is a >$7bn per annum selling drug and AMD markets are >$20bn in size. Our Product Disclosure Statement (PDS) and Target Market Determination provides important information about our products and who our products are more likely to be suited to Capital.com does not provide financial or investment advice and you should seek independent advice if you are unsure of the risks or whether our products are suitable for you. Nevertheless, after applying the discount factor, I calculate a share price target of $151 based on DCF analysis and a slightly higher figure of $168 based on EBITDA analysis. I have downgraded my forecasts to 2016 accordingly however to 2% annual growth. AbbVie is a leader in ESG and sustainability. The stock projection varied from the low price target of $135 to the high of $200. Ltd., AbbVie Pty Ltd, AbbVie Purchasing LLC, AbbVie Real Estate Management GmbH, AbbVie Research B.V., AbbVie Resources Inc., AbbVie Resources International Inc., AbbVie Respiratory LLC, AbbVie S. de R.L., AbbVie S.A., AbbVie S.A., AbbVie S.A.S., AbbVie S.R.L., AbbVie S.r.l., AbbVie S. r.l., AbbVie SA, AbbVie SAS, AbbVie SIA, AbbVie Sarl, AbbVie Sdn. What is AbbVie's stock price forecast for 2023? target price for AbbVie stock based on DCF / EBITDA multiple analysis (my table and assumptions). Read our dividend analysis for ABBV. I am not receiving compensation for it (other than from Seeking Alpha). AbbVie has received a consensus rating of Hold. This rating has held steady since February, when it was unchanged from a Buy rating.Move your mouse over pastmonths for detail. Management puts this down to "delayed market recovery for new patients starting therapy in Chronic Lymphocytic Leukemia ("CLL") and increasing competition" and has downgraded its FY22 guidance as a result. Sign in to your free account to enjoy all that MarketBeat has to offer. These are Immunology, Oncology, Neurology, Virology and Eye Care. Fawad Razaqzada, market analyst for City Index and FOREX.com, commenting to Capital.com, said: As of 30 June, analyst ratings compiled by MarketBeat shared different price targets for Abbvie stock. Bringing RGX314 would be a coup for AbbVie although I am forecasting for only $2bn in peak revenues in 2030 as a hedge against the risk that this candidate does not make it to market on safety grounds. Both Leqembi and Donanemab are potential $5bn - $10bn selling assets, but both drugs still have safety questions to answer and not certain to be made eligible for reimbursement. Please disable your ad-blocker and refresh. Is this happening to you frequently? AbbVie's stock was trading at $161.61 on January 1st, 2023. Other approved ADC's targeting the c-Met protein, a validated target in NSCLC, include Novartis Tabrecta, which has been pegged for peak sales of ~$1.5bn, which seems a realistic target for Teliso given how large the lung cancer market is - the largest of all oncology markets. As I have mentioned in previous notes, however, the gains owe more to price hikes than sales volumes, and come 2023 and the LOE, even AbbVie admits the blow to revenues will be substantial. The average analyst rating for AbbVie stock from 34 stock analysts is "Buy". Based on our forecasts, a long-term increase is expected, the "ABBV" stock price prognosis for 2028-02-23 is 287.522 USD. Year-to-date, the stock was up slightly more than 12% while benchmark global indices have all fallen sharply amid surging inflation, interest rate hikes and slowdown worries. Drug development has not traditionally been one of AbbVie's strengths - it has not had to be - but we ought to see the positive results of heavy investment into the oncology pipeline over the next 5-7 years, and by 2030, I believe this division could account for >17% of AbbVie's total revenues. The total revenue in 2021 was $56.20 billion with a 31% operating margin. Disclosure: I/we have a beneficial long position in the shares of BMY, GILD, ABBV either through stock ownership, options, or other derivatives. ABBV-916 is targeting Alzheimer's and it is an anti-amyloid antibody, with a similar mechanism of action ("MoA") to recently approved Leqembi, developed by Biogen (BIIB) / Eisai, and likely soon-to-be approved Donanemab, developed by Eli Lilly. PEG Ratios above 1 indicate that a company could be overvalued. Wallet Investor suggested that the price could hit $300.386 in June 2027. Top institutional shareholders include Geode Capital Management LLC (1.91%), Morgan Stanley (1.79%), Moneta Group Investment Advisors LLC (1.65%), Price T Rowe Associates Inc. MD (1.15%), Norges Bank (1.06%) and Legal & General Group Plc (0.66%).