Marks Group Wealth Management Inc Grows Stake in AbbVie Inc. (NYSE:ABBV)

Marks Group Wealth Management Inc boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.3% in the first quarter, Holdings Channel reports. The fund owned 2,143 shares of the company’s stock after purchasing an additional 69 shares during the quarter. Marks Group Wealth Management Inc’s holdings in AbbVie were worth $449,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in shares of AbbVie by 17.4% in the 4th 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 during the period. Revolve Wealth Partners LLC increased its holdings in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after buying an additional 3,064 shares during the last quarter. Proficio Capital Partners LLC raised its position in AbbVie by 50.8% in the fourth 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 period. Choate Investment Advisors boosted its stake in shares of AbbVie by 4.3% during the 4th quarter. Choate Investment Advisors now owns 71,792 shares of the company’s stock worth $12,757,000 after acquiring an additional 2,972 shares during the last quarter. Finally, one8zero8 LLC bought a new stake in shares of AbbVie during the 4th quarter valued at $2,070,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Evercore ISI raised their target price on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Guggenheim raised their price objective 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 reaffirmed a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Bank of America upped their price target on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Trading Down 1.4%

ABBV stock opened at $192.32 on Monday. The firm has a fifty day moving average price of $187.01 and a 200 day moving average price of $189.11. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The firm has a market cap of $339.71 billion, a PE ratio of 81.84, a price-to-earnings-growth ratio of 1.28 and a beta of 0.48. 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 (NYSE:ABBV) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.31 EPS. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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. This represents a $6.56 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s payout ratio is 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.