Freemont Management S.A. Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Freemont Management S.A. cut its position in AbbVie Inc. (NYSE:ABBV) by 8.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,600 shares of the company’s stock after selling 600 shares during the period. Freemont Management S.A.’s holdings in AbbVie were worth $1,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. EnRich Financial Partners LLC raised its position in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares during the period. Abound Financial LLC purchased a new stake in AbbVie in the first quarter valued at $30,000. Prudent Man Investment Management Inc. purchased a new stake in AbbVie in the fourth quarter valued at $32,000. Siemens Fonds Invest GmbH raised its position in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after purchasing an additional 119,141 shares during the period. Finally, Cypress Capital Management LLC WY purchased a new stake in AbbVie in the first quarter valued at $35,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ABBV. Cantor Fitzgerald began coverage on AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Bank of America upped their price target on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Guggenheim upped their price target on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Morgan Stanley upped their price target on AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $211.29.

AbbVie Stock Up 0.2%

ABBV opened at $190.85 on Friday. The business has a 50 day moving average price of $187.50 and a two-hundred day moving average price of $189.62. 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 company has a market cap of $337.12 billion, a PE ratio of 81.21, a P/E/G ratio of 1.26 and a beta of 0.48. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.44%. The ex-dividend date is Tuesday, July 15th. AbbVie’s dividend payout ratio is presently 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.