Riverpoint Wealth Management Holdings LLC Grows Position in AbbVie Inc. (NYSE:ABBV)

Riverpoint Wealth Management Holdings LLC boosted its position in AbbVie Inc. (NYSE:ABBV) by 2.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,499 shares of the company’s stock after purchasing an additional 243 shares during the quarter. AbbVie makes up 0.5% of Riverpoint Wealth Management Holdings LLC’s portfolio, making the stock its 21st biggest position. Riverpoint Wealth Management Holdings LLC’s holdings in AbbVie were worth $1,781,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Oakwell Private Wealth Management LLC purchased a new position in AbbVie in the first quarter worth about $211,000. PFG Advisors boosted its position in AbbVie by 17.8% in the first quarter. PFG Advisors now owns 26,341 shares of the company’s stock worth $5,519,000 after purchasing an additional 3,972 shares during the last quarter. Ignite Planners LLC boosted its position in AbbVie by 9.5% in the first quarter. Ignite Planners LLC now owns 4,818 shares of the company’s stock worth $931,000 after purchasing an additional 418 shares during the last quarter. Obermeyer Wealth Partners boosted its position in AbbVie by 2.7% in the first quarter. Obermeyer Wealth Partners now owns 23,809 shares of the company’s stock worth $4,988,000 after purchasing an additional 617 shares during the last quarter. Finally, Windle Wealth LLC boosted its position in AbbVie by 4.4% in the first quarter. Windle Wealth LLC now owns 42,823 shares of the company’s stock worth $8,972,000 after purchasing an additional 1,801 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV traded up $1.91 during trading on Tuesday, hitting $186.76. 583,165 shares of the company traded hands, compared to its average volume of 6,298,893. The firm has a market cap of $329.88 billion, a P/E ratio of 79.51, a price-to-earnings-growth 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. The stock’s fifty day moving average is $187.17 and its 200 day moving average is $189.53. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping 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 the consensus estimate of $12.91 billion. During the same period last year, the firm posted $2.31 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared 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 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Tuesday, July 15th. AbbVie’s payout ratio is currently 279.15%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. BNP Paribas raised AbbVie to a “hold” rating in a research note on Thursday, May 8th. Morgan Stanley upped their target price on AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. The Goldman Sachs Group restated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, Guggenheim raised their target price on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Eight 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. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $211.29.

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.