AbbVie Inc. (NYSE:ABBV) Shares Sold by Private Wealth Management Group LLC

Private Wealth Management Group LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 8.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,136 shares of the company’s stock after selling 110 shares during the period. Private Wealth Management Group LLC’s holdings in AbbVie were worth $238,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Bryn Mawr Capital Management LLC raised its holdings in shares of AbbVie by 10.2% during the first quarter. Bryn Mawr Capital Management LLC now owns 7,883 shares of the company’s stock valued at $1,652,000 after buying an additional 729 shares during the last quarter. Schrum Private Wealth Management LLC raised its holdings in AbbVie by 0.6% during the first quarter. Schrum Private Wealth Management LLC now owns 10,682 shares of the company’s stock worth $2,238,000 after purchasing an additional 63 shares in the last quarter. Bridgewater Advisors Inc. bought a new stake in AbbVie during the first quarter worth approximately $1,940,000. Midwest Professional Planners LTD. raised its holdings in AbbVie by 0.7% during the first quarter. Midwest Professional Planners LTD. now owns 13,685 shares of the company’s stock worth $2,867,000 after purchasing an additional 90 shares in the last quarter. Finally, Tectonic Advisors LLC raised its holdings in AbbVie by 5.7% during the first quarter. Tectonic Advisors LLC now owns 44,404 shares of the company’s stock worth $9,304,000 after purchasing an additional 2,386 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Bank of America lifted 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. Cantor Fitzgerald assumed coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price target on the stock. Guggenheim lifted their price target on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Morgan Stanley lifted their price target 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. Finally, Evercore ISI lifted their price target on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Eight 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Stock Down 2.6%

ABBV stock opened at $186.56 on Wednesday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The company has a 50-day moving average of $186.90 and a two-hundred day moving average of $189.19. The stock has a market capitalization of $329.53 billion, a price-to-earnings ratio of 79.39, a price-to-earnings-growth ratio of 1.28 and a beta of 0.48.

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

AbbVie Announces Dividend

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 given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.52%. 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.