Keudell Morrison Wealth Management Buys 143 Shares of AbbVie Inc. (NYSE:ABBV)

Keudell Morrison Wealth Management increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% during the first quarter, Holdings Channel.com reports. The fund owned 21,977 shares of the company’s stock after purchasing an additional 143 shares during the quarter. AbbVie accounts for about 1.1% of Keudell Morrison Wealth Management’s holdings, making the stock its 18th biggest position. Keudell Morrison Wealth Management’s holdings in AbbVie were worth $4,605,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ABBV. Spirepoint Private Client LLC increased its holdings in AbbVie by 4.4% in the 1st quarter. Spirepoint Private Client LLC now owns 36,573 shares of the company’s stock valued at $7,663,000 after buying an additional 1,553 shares during the period. Consolidated Portfolio Review Corp increased its holdings in AbbVie by 7.6% in the 1st quarter. Consolidated Portfolio Review Corp now owns 2,136 shares of the company’s stock valued at $448,000 after buying an additional 150 shares during the period. FORM Wealth Advisors LLC acquired a new stake in shares of AbbVie in the 1st quarter valued at approximately $1,888,000. Legacy Advisors LLC boosted its stake in shares of AbbVie by 5.6% in the 1st quarter. Legacy Advisors LLC now owns 21,983 shares of the company’s stock valued at $4,606,000 after purchasing an additional 1,171 shares in the last quarter. Finally, AssuredPartners Investment Advisors LLC boosted its stake in shares of AbbVie by 13.5% in the 1st quarter. AssuredPartners Investment Advisors LLC now owns 7,676 shares of the company’s stock valued at $1,608,000 after purchasing an additional 914 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ABBV. Wells Fargo & Company raised their price target on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Morgan Stanley raised their price target on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Evercore ISI raised their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. Guggenheim raised their price target on shares of AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Eight investment 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. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $211.29.

AbbVie Stock Down 0.7%

AbbVie stock opened at $183.92 on Tuesday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. AbbVie Inc. has a 52-week low of $163.52 and a 52-week high of $218.66. The firm has a 50 day moving average price of $185.28 and a two-hundred day moving average price of $187.84. The firm has a market cap of $324.88 billion, a price-to-earnings ratio of 78.26, a PEG ratio of 1.23 and a beta of 0.50.

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

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.57%. AbbVie’s dividend payout ratio is currently 279.15%.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.08% of the stock is currently owned by company insiders.

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.