Provident Investment Management Inc. Has $1.05 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Provident Investment Management Inc. trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,987 shares of the company’s stock after selling 65 shares during the period. Provident Investment Management Inc.’s holdings in AbbVie were worth $1,045,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ABBV. Brighton Jones LLC lifted its stake in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC lifted its stake in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in AbbVie by 17.1% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 7,233 shares of the company’s stock valued at $1,285,000 after purchasing an additional 1,054 shares during the last quarter. Titleist Asset Management LLC lifted its stake in AbbVie by 24.8% in the 4th quarter. Titleist Asset Management LLC now owns 1,519 shares of the company’s stock valued at $270,000 after purchasing an additional 302 shares during the last quarter. Finally, Abacus FCF Advisors LLC lifted its stake in AbbVie by 66.0% in the 4th quarter. Abacus FCF Advisors LLC now owns 105,173 shares of the company’s stock valued at $18,689,000 after purchasing an additional 41,802 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Guggenheim raised their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective for the company. The Goldman Sachs Group restated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Bank of America raised their price objective on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Finally, BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research report on Thursday, May 8th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $212.81.

AbbVie Price Performance

ABBV stock opened at $198.53 on Wednesday. The firm has a market cap of $350.68 billion, a price-to-earnings ratio of 94.54, a PEG ratio of 1.26 and a beta of 0.50. 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 Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The company’s fifty day simple moving average is $188.86 and its 200 day simple moving average is $190.65.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.3%. AbbVie’s 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.