Hemington Wealth Management Increases Holdings in AbbVie Inc. (NYSE:ABBV)

Hemington Wealth Management lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 7.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,718 shares of the company’s stock after buying an additional 182 shares during the period. Hemington Wealth Management’s holdings in AbbVie were worth $569,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Steel Grove Capital Advisors LLC lifted its position in AbbVie by 1.7% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock valued at $553,000 after purchasing an additional 52 shares during the last quarter. Peninsula Wealth LLC lifted its position in AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock valued at $242,000 after purchasing an additional 54 shares during the last quarter. Private Management Group Inc. lifted its position in AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after purchasing an additional 54 shares during the last quarter. Connecticut Wealth Management LLC lifted its position in AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock valued at $660,000 after purchasing an additional 57 shares during the last quarter. Finally, Castle Wealth Management LLC lifted its position in AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock valued at $361,000 after purchasing an additional 57 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Evercore ISI boosted their price objective on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Morgan Stanley boosted their target price on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Cantor Fitzgerald started coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 target price on the stock. Finally, Citigroup boosted their target price on AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $212.81.

AbbVie Trading Up 0.7%

AbbVie stock opened at $198.53 on Wednesday. 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 business’s fifty day simple moving average is $188.86 and its two-hundred day simple moving average is $190.65. 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 $350.68 billion, a price-to-earnings ratio of 94.54, a price-to-earnings-growth ratio of 1.26 and a beta of 0.50.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 518.10%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.65 earnings per share. As a group, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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 issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio is presently 312.38%.

AbbVie Company 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.