AbbVie Inc. (NYSE:ABBV) Stake Lowered by PFG Investments LLC

PFG Investments LLC trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,297 shares of the company’s stock after selling 776 shares during the quarter. PFG Investments LLC’s holdings in AbbVie were worth $6,557,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in AbbVie in the 4th quarter valued at about $4,459,385,000. GAMMA Investing LLC grew its position in AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $1,190,951,000. FMR LLC raised its holdings in shares of AbbVie by 32.8% during the fourth quarter. FMR LLC now owns 18,097,375 shares of the company’s stock valued at $3,215,903,000 after buying an additional 4,466,971 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after buying an additional 3,599,336 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the sale, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Trading Down 0.2%

Shares of NYSE ABBV opened at $185.16 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. The company has a market cap of $327.06 billion, a price-to-earnings ratio of 78.79, a P/E/G ratio of 1.23 and a beta of 0.50. The business has a fifty day simple moving average of $185.19 and a 200-day simple moving average of $187.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.31 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.54%. AbbVie’s payout ratio is currently 279.15%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Morgan Stanley increased their price objective on AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. BNP Paribas upgraded AbbVie to a “hold” rating in a research report on Thursday, May 8th. Guggenheim raised their price target on AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. The Goldman Sachs Group restated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Bank of America upped their price objective on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $211.29.

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.