Arcadia Investment Management Corp MI Trims Position in AbbVie Inc. (NYSE:ABBV)

Arcadia Investment Management Corp MI decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 29.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,305 shares of the company’s stock after selling 2,174 shares during the period. Arcadia Investment Management Corp MI’s holdings in AbbVie were worth $1,112,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of ABBV. Brighton Jones LLC grew its position in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Proficio Capital Partners LLC lifted its stake in shares of AbbVie by 50.8% during the 4th quarter. Proficio Capital Partners LLC now owns 6,622 shares of the company’s stock worth $1,177,000 after acquiring an additional 2,230 shares during the last quarter. Clare Market Investments LLC bought a new stake in shares of AbbVie during the 4th quarter worth approximately $260,000. Finally, Channing Capital Management LLC increased its holdings in AbbVie by 9.7% during the 4th quarter. Channing Capital Management LLC now owns 60,798 shares of the company’s stock worth $10,804,000 after purchasing an additional 5,397 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ABBV shares. Citigroup lifted their price target on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Evercore ISI upped their price target on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Finally, Cantor Fitzgerald initiated coverage on AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Stock Performance

Shares of AbbVie stock opened at $189.60 on Wednesday. The firm has a market cap of $334.91 billion, a PE ratio of 80.68, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48. The firm’s 50-day simple moving average is $187.19 and its 200-day simple moving average is $188.77. 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 1 year low of $163.81 and a 1 year high of $218.66.

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

AbbVie Dividend Announcement

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 issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Tuesday, July 15th. AbbVie’s payout ratio is 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.