Bingham Private Wealth LLC Has $1.35 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Bingham Private Wealth LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,448 shares of the company’s stock after selling 545 shares during the period. AbbVie makes up 1.4% of Bingham Private Wealth LLC’s holdings, making the stock its 17th largest position. Bingham Private Wealth LLC’s holdings in AbbVie were worth $1,351,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Norges Bank acquired a new position in AbbVie in the 4th quarter worth $4,459,385,000. GAMMA Investing LLC boosted its stake in AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. FMR LLC boosted its stake in AbbVie by 32.8% in the 4th quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after purchasing an additional 4,466,971 shares during the period. Franklin Resources Inc. lifted its position in AbbVie by 24.3% during the 4th quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company’s stock worth $3,064,773,000 after buying an additional 3,373,156 shares in the last quarter. Finally, Northern Trust Corp lifted its position in AbbVie by 11.8% during the 4th quarter. Northern Trust Corp now owns 21,824,626 shares of the company’s stock worth $3,878,236,000 after buying an additional 2,299,645 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on ABBV. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Evercore ISI boosted 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. BNP Paribas raised shares of AbbVie to a “hold” rating in a research report on Thursday, May 8th. Citigroup upped their target price on shares of AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Finally, Bank of America upped their target price on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Stock Down 1.1%

AbbVie stock opened at $189.26 on Friday. The stock has a market cap of $334.31 billion, a P/E ratio of 80.54, a P/E/G ratio of 1.25 and a beta of 0.48. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company’s 50-day moving average price is $187.17 and its two-hundred day moving average price is $189.46.

AbbVie (NYSE:ABBV) last released its quarterly 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. 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 analysts’ expectations of $12.91 billion. During the same period in the prior year, the firm earned $2.31 EPS. The business’s revenue was up 8.4% on a year-over-year basis. As a group, analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

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 given a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.47%. AbbVie’s payout ratio is presently 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.