Concord Asset Management LLC VA Sells 22,087 Shares of AbbVie Inc. (NYSE:ABBV)

Concord Asset Management LLC VA trimmed its position in AbbVie Inc. (NYSE:ABBV) by 78.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,068 shares of the company’s stock after selling 22,087 shares during the quarter. Concord Asset Management LLC VA’s holdings in AbbVie were worth $1,271,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in AbbVie by 17.4% in 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 holdings in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the period. Proficio Capital Partners LLC lifted its holdings in AbbVie by 50.8% during the fourth quarter. Proficio Capital Partners LLC now owns 6,622 shares of the company’s stock worth $1,177,000 after buying an additional 2,230 shares during the period. Harbour Investments Inc. lifted its holdings in AbbVie by 3.5% during the fourth quarter. Harbour Investments Inc. now owns 22,958 shares of the company’s stock worth $4,080,000 after buying an additional 780 shares during the period. Finally, GLOBALT Investments LLC GA lifted its holdings in AbbVie by 20.8% during the fourth quarter. GLOBALT Investments LLC GA now owns 23,138 shares of the company’s stock worth $4,112,000 after buying an additional 3,982 shares during the period. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ABBV has been the subject of a number of analyst reports. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Citigroup upped their target price on AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Finally, Evercore ISI upped their target price on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. 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 company’s stock. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Stock Performance

Shares of ABBV stock opened at $191.54 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. The company has a market capitalization of $338.33 billion, a P/E ratio of 81.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.48. The company’s 50 day moving average price is $186.92 and its two-hundred day moving average price is $189.21. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV) last released its earnings results 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 during the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the business earned $2.31 earnings per share. On average, analysts expect 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. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s payout ratio is 279.15%.

AbbVie 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.