Morse Asset Management Inc Sells 165 Shares of AbbVie Inc. (NYSE:ABBV)

Morse Asset Management Inc cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,148 shares of the company’s stock after selling 165 shares during the period. Morse Asset Management Inc’s holdings in AbbVie were worth $1,498,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Crestline Management LP raised its stake in shares of AbbVie by 438.4% during the 4th quarter. Crestline Management LP now owns 35,311 shares of the company’s stock worth $6,275,000 after purchasing an additional 28,753 shares during the period. Narus Financial Partners LLC raised its stake in shares of AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after purchasing an additional 401 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of AbbVie by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company’s stock worth $1,664,489,000 after purchasing an additional 108,993 shares during the period. Quantbot Technologies LP raised its stake in shares of AbbVie by 35.8% during the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company’s stock worth $186,000 after purchasing an additional 276 shares during the period. Finally, AXA S.A. raised its stake in shares of AbbVie by 14.8% during the 4th quarter. AXA S.A. now owns 971,893 shares of the company’s stock worth $172,705,000 after purchasing an additional 125,568 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ABBV shares. The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Morgan Stanley boosted their price objective on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Bank of America boosted their price objective on AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Finally, Cantor Fitzgerald started coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Stock Down 1.1%

Shares of NYSE ABBV opened at $189.26 on Friday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The firm has a market capitalization of $334.31 billion, a price-to-earnings ratio of 80.54, a PEG ratio of 1.25 and a beta of 0.48. The business has a 50-day moving average of $187.17 and a 200-day moving average of $189.46.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.40 by $0.06. The company had revenue of $13.34 billion during 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%. AbbVie’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.31 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.47%. 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.