Balentine LLC Lowers Stake in AbbVie Inc. (NYSE:ABBV)

Balentine LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 9.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,009 shares of the company’s stock after selling 511 shares during the period. Balentine LLC’s holdings in AbbVie were worth $1,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. EnRich Financial Partners LLC grew its stake in shares of AbbVie by 196.4% in the 4th 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 acquired a new stake in AbbVie during the 1st quarter worth about $30,000. Prudent Man Investment Management Inc. bought a new position in AbbVie in the 4th quarter valued at about $32,000. Siemens Fonds Invest GmbH increased its stake in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after purchasing an additional 119,141 shares during the last quarter. Finally, Pinney & Scofield Inc. purchased a new position in AbbVie in the 4th quarter valued at approximately $36,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Bank of America boosted 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. 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 target price for the company. Finally, Guggenheim upped their price target on AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Eight research 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $211.29.

AbbVie Price Performance

ABBV opened at $189.26 on Friday. The company has a market cap of $334.31 billion, a P/E ratio of 80.54, a P/E/G ratio of 1.27 and a beta of 0.48. The company has a 50 day moving average of $187.17 and a two-hundred day moving average of $189.38. 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 52-week low of $163.81 and a 52-week high of $218.66.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results 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 net margin of 7.31% and a return on equity of 412.03%. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same period in the prior year, the firm earned $2.31 earnings per share. The firm’s revenue was up 8.4% compared to the same quarter last year. On average, analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.47%. AbbVie’s dividend payout ratio (DPR) is presently 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.