Retirement Group LLC Boosts Stock Position in AbbVie Inc. (NYSE:ABBV)

Retirement Group LLC increased its stake in AbbVie Inc. (NYSE:ABBV) by 8.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,691 shares of the company’s stock after purchasing an additional 128 shares during the quarter. Retirement Group LLC’s holdings in AbbVie were worth $308,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie in the 4th quarter worth about $26,000. Able Wealth Management LLC purchased a new position in shares of AbbVie during the fourth quarter worth about $33,000. IFS Advisors LLC bought a new position in shares of AbbVie in the first quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. purchased a new stake in AbbVie in the fourth quarter valued at approximately $37,000. Finally, Redmont Wealth Advisors LLC bought a new stake in AbbVie during the first quarter valued at approximately $37,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 2.1 %

Shares of NYSE:ABBV traded up $3.41 during midday trading on Friday, hitting $167.25. 5,978,524 shares of the stock traded hands, compared to its average volume of 5,658,405. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The business’s 50 day moving average is $164.58 and its two-hundred day moving average is $167.87. The stock has a market capitalization of $295.34 billion, a PE ratio of 49.63, a P/E/G ratio of 2.10 and a beta of 0.64. AbbVie Inc. has a one year low of $132.70 and a one year high of $182.89.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the prior year, the company posted $2.46 EPS. AbbVie’s quarterly revenue was up .7% compared to the same quarter last year. As a group, research analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The business 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 dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Guggenheim raised their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Barclays lowered their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Wednesday, June 5th. Piper Sandler restated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $181.07.

About AbbVie

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.