Dickmeyer Boyce Financial Management Inc. Acquires New Stake in AbbVie Inc. $ABBV

Dickmeyer Boyce Financial Management Inc. bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 15,684 shares of the company’s stock, valued at approximately $3,411,000. AbbVie accounts for 2.0% of Dickmeyer Boyce Financial Management Inc.’s holdings, making the stock its 12th biggest holding.

Other institutional investors have also recently made changes to their positions in the company. Ranch Capital Advisors Inc. boosted its stake in shares of AbbVie by 37.0% in the 1st quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company’s stock valued at $3,238,000 after buying an additional 4,017 shares during the period. Waycross Partners LLC increased its stake in shares of AbbVie by 2.9% during the fourth quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock worth $41,694,000 after buying an additional 5,063 shares during the period. Calamos Advisors LLC raised its holdings in AbbVie by 3.4% in the fourth quarter. Calamos Advisors LLC now owns 466,290 shares of the company’s stock valued at $106,543,000 after acquiring an additional 15,458 shares in the last quarter. Savvy Advisors Inc. lifted its stake in AbbVie by 22.2% in the fourth quarter. Savvy Advisors Inc. now owns 36,568 shares of the company’s stock worth $8,355,000 after acquiring an additional 6,646 shares during the last quarter. Finally, Bingham Private Wealth LLC purchased a new position in AbbVie in the fourth quarter worth approximately $1,147,000. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on ABBV shares. Canaccord Genuity Group increased their price objective on shares of AbbVie from $273.00 to $282.00 and gave the company a “buy” rating in a research report on Wednesday. HSBC reaffirmed a “buy” rating and set a $300.00 price objective on shares of AbbVie in a research report on Monday, July 6th. Citigroup increased their target price on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Bank of America raised their price target on AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, UBS Group lifted their price target on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $268.10.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Canaccord Genuity raised its price target on AbbVie to $282 from $273 and reiterated a buy rating, signaling continued confidence in the company’s earnings power and pipeline. Benzinga / The Fly report
• Positive Sentiment: AbbVie’s Allergan Aesthetics unit won European Commission approval for Boey, a short-acting botulinum toxin, expanding its aesthetics portfolio and adding another growth driver outside its core immunology business. Yahoo Finance article
• Neutral Sentiment: Several commentary pieces highlighted AbbVie as a high-quality dividend stock and suggested its long-term outlook remains attractive, but that much of the optimism may already be reflected in the share price. Motley Fool article
• Negative Sentiment: Genmab and AbbVie clarified that the U.S. primary endpoint in the Phase 3 EPCORE DLBCL-1 trial was overall survival, and that endpoint was not met, which could pressure sentiment around AbbVie’s oncology franchise and the epcoritamab program. Yahoo Finance article
• Negative Sentiment: Analyst coverage also noted AbbVie’s oncology revenue may remain under pressure in Q2, as weakness in Imbruvica could offset gains from Venclexta and newer therapies. Yahoo Finance article

AbbVie Stock Up 1.4%

ABBV opened at $256.80 on Friday. AbbVie Inc. has a 52 week low of $187.62 and a 52 week high of $261.64. The business has a 50 day moving average price of $233.60 and a two-hundred day moving average price of $222.61. The company has a market cap of $453.71 billion, a PE ratio of 126.50, a P/E/G ratio of 0.84 and a beta of 0.30.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the previous year, the company posted $2.46 earnings per share. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc. will post 14.18 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be given a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.