Grimes & Company Inc. Has $18.25 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Grimes & Company Inc. lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 100,241 shares of the company’s stock after buying an additional 880 shares during the period. Grimes & Company Inc.’s holdings in AbbVie were worth $18,254,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie in the fourth quarter valued at about $26,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie during the fourth quarter valued at about $33,000. IFS Advisors LLC acquired a new stake in shares of AbbVie during the first quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of AbbVie during the fourth quarter valued at about $37,000. Finally, Clarity Asset Management Inc. acquired a new stake in shares of AbbVie during the fourth quarter valued at about $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ABBV shares. BMO Capital Markets cut their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Barclays lowered their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Guggenheim raised their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research report on Wednesday, June 5th. Finally, Piper Sandler raised their price objective on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $179.64.

AbbVie Stock Up 1.5 %

AbbVie stock traded up $2.53 during mid-day trading on Friday, reaching $171.52. The stock had a trading volume of 24,463,599 shares, compared to its average volume of 5,432,583. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie Inc. has a fifty-two week low of $132.13 and a fifty-two week high of $182.89. The stock’s 50-day simple moving average is $164.60 and its 200-day simple moving average is $167.54. The firm has a market capitalization of $302.88 billion, a PE ratio of 50.90, a price-to-earnings-growth ratio of 2.16 and a beta of 0.60.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter in the previous year, the firm earned $2.46 earnings per share. AbbVie’s quarterly revenue was up .7% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.61%. AbbVie’s dividend payout ratio is currently 183.98%.

AbbVie Company 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.