Convergence Financial LLC Takes $282,000 Position in AbbVie Inc. (NYSE:ABBV)

Convergence Financial LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the first quarter, HoldingsChannel.com reports. The institutional investor purchased 1,348 shares of the company’s stock, valued at approximately $282,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Bell Private Wealth Management LLC boosted its stake in shares of AbbVie by 30.4% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock valued at $40,000 after purchasing an additional 52 shares during the period. Steel Grove Capital Advisors LLC increased its stake in AbbVie by 1.7% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after buying an additional 52 shares during the period. Peninsula Wealth LLC lifted its holdings in AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock valued at $242,000 after buying an additional 54 shares in the last quarter. Connecticut Wealth Management LLC lifted its holdings in AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock valued at $660,000 after buying an additional 57 shares in the last quarter. Finally, Northstar Group Inc. boosted its position in AbbVie by 0.7% in the 1st quarter. Northstar Group Inc. now owns 8,512 shares of the company’s stock valued at $1,783,000 after buying an additional 58 shares during the period. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ABBV has been the topic of a number of research reports. Morgan Stanley raised their target price on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Guggenheim raised their price objective on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Finally, Citigroup increased their price target on AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Trading Down 2.6%

NYSE ABBV opened at $181.89 on Monday. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66. The company has a 50 day moving average price of $186.21 and a 200 day moving average price of $188.12. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The firm has a market cap of $321.29 billion, a PE ratio of 77.40, a price-to-earnings-growth ratio of 1.21 and a beta of 0.50.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. 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 posted $2.31 earnings per share. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors 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 yield of 3.61%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 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.