Cherry Creek Investment Advisors Inc. Grows Holdings in AbbVie Inc. (NYSE:ABBV)

Cherry Creek Investment Advisors Inc. boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 0.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,121 shares of the company’s stock after acquiring an additional 87 shares during the quarter. AbbVie accounts for approximately 3.1% of Cherry Creek Investment Advisors Inc.’s investment portfolio, making the stock its 9th biggest holding. Cherry Creek Investment Advisors Inc.’s holdings in AbbVie were worth $5,892,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. EnRich Financial Partners LLC lifted its position in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Promus Capital LLC bought a new position in shares of AbbVie during the fourth quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of AbbVie during the 4th quarter worth approximately $31,000. Prudent Man Investment Management Inc. bought a new position in shares of AbbVie during the 4th quarter worth approximately $32,000. Finally, Siemens Fonds Invest GmbH lifted its position in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after buying an additional 119,141 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 target price on the stock. Bank of America lifted their price target on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Guggenheim lifted their target price on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Citigroup lifted their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’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 sale, the executive vice president now owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.25% of the company’s stock.

AbbVie Trading Down 0.2%

Shares of ABBV stock opened at $185.16 on Friday. The company’s fifty day simple moving average is $185.19 and its two-hundred day simple moving average is $187.70. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66. The stock has a market capitalization of $327.06 billion, a price-to-earnings ratio of 78.79, a PEG ratio of 1.23 and a beta of 0.50.

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

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.54%. AbbVie’s dividend payout ratio is presently 279.15%.

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.