Carnegie Investment Counsel Has $23.30 Million Stake in AbbVie Inc. (NYSE:ABBV)

Carnegie Investment Counsel lifted its position in AbbVie Inc. (NYSE:ABBV) by 164.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,216 shares of the company’s stock after purchasing an additional 72,193 shares during the quarter. Carnegie Investment Counsel’s holdings in AbbVie were worth $23,298,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Brighton Jones LLC lifted its position in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Quantbot Technologies LP boosted its holdings in AbbVie by 35.8% in the fourth quarter. Quantbot Technologies LP now owns 1,047 shares of the company’s stock valued at $186,000 after acquiring an additional 276 shares during the last quarter. Ashton Thomas Securities LLC boosted its holdings in AbbVie by 7.2% in the fourth quarter. Ashton Thomas Securities LLC now owns 2,082 shares of the company’s stock valued at $367,000 after acquiring an additional 140 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC boosted its holdings in AbbVie by 2.6% in the fourth quarter. Signature Estate & Investment Advisors LLC now owns 6,214 shares of the company’s stock valued at $1,104,000 after acquiring an additional 156 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ABBV has been the topic of several recent research reports. Evercore ISI raised their price target on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Bank of America raised their target price on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Morgan Stanley upped their price target on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. BNP Paribas raised AbbVie to a “hold” rating in a research note on Thursday, May 8th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. 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 stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $211.29.

AbbVie Price Performance

Shares of ABBV opened at $190.34 on Thursday. The stock has a market capitalization of $336.22 billion, a P/E ratio of 81.00, a P/E/G ratio of 1.24 and a beta of 0.48. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company has a 50 day moving average of $187.31 and a 200-day moving average of $189.55. 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 (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The company had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter in the prior year, the business posted $2.31 EPS. The business’s revenue was up 8.4% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 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.