Spectrum Wealth Counsel LLC Has $7.04 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Spectrum Wealth Counsel LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,604 shares of the company’s stock after purchasing an additional 327 shares during the quarter. Spectrum Wealth Counsel LLC’s holdings in AbbVie were worth $7,041,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Abound Financial LLC bought a new stake in shares of AbbVie during the 1st quarter worth $30,000. EnRich Financial Partners LLC boosted its holdings in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after buying an additional 110 shares during the period. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the 1st quarter worth $35,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie during the 4th quarter worth $32,000. Finally, Pinney & Scofield Inc. bought a new stake in shares of AbbVie during the 4th quarter worth $36,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on ABBV shares. Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Evercore ISI increased their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Guggenheim increased their price target on shares of AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Finally, Bank of America increased their price target on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Eight investment 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 stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Trading Down 0.3%

Shares of ABBV stock opened at $190.22 on Friday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The company has a market capitalization of $336.00 billion, a P/E ratio of 80.94, a P/E/G ratio of 1.26 and a beta of 0.48. The firm has a 50-day moving average price of $187.62 and a 200 day moving average price of $189.77. 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 results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $12.91 billion. During the same period last year, the firm posted $2.31 EPS. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.45%. The ex-dividend date is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 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.