Main Street Research LLC Has $1.95 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Main Street Research LLC lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 9,318 shares of the company’s stock after selling 157 shares during the quarter. Main Street Research LLC’s holdings in AbbVie were worth $1,952,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Steel Grove Capital Advisors LLC lifted its stake in AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after purchasing an additional 52 shares during the period. Peninsula Wealth LLC grew its holdings in AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock worth $242,000 after acquiring an additional 54 shares during the period. Connecticut Wealth Management LLC boosted its position in shares of AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock worth $660,000 after purchasing an additional 57 shares in the last quarter. Castle Wealth Management LLC lifted its position in AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock valued at $361,000 after acquiring an additional 57 shares in the last quarter. Finally, Northstar Group Inc. lifted 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 acquiring an additional 58 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. 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. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research report on Thursday, May 8th. Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Trading Down 0.2%

NYSE:ABBV traded down $0.30 during mid-day trading on Wednesday, reaching $189.47. The company’s stock had a trading volume of 710,208 shares, compared to its average volume of 6,261,852. The stock has a market cap of $334.67 billion, a P/E ratio of 80.74, a P/E/G ratio of 1.25 and a beta of 0.48. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The company’s fifty day simple moving average is $187.19 and its two-hundred day simple moving average is $188.77.

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

AbbVie Announces Dividend

The business 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. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.46%. AbbVie’s payout ratio is currently 279.15%.

About AbbVie

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.