1,343 Shares in AbbVie Inc. (NYSE:ABBV) Acquired by Hidden Cove Wealth Management LLC

Hidden Cove Wealth Management LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,343 shares of the company's stock, valued at approximately $281,000.

A number of other hedge funds have also bought and sold shares of the stock. Beacon Financial Advisory LLC increased its holdings in shares of AbbVie by 0.7% in the first quarter. Beacon Financial Advisory LLC now owns 8,767 shares of the company's stock valued at $1,837,000 after purchasing an additional 63 shares during the period. Board of the Pension Protection Fund lifted its holdings in shares of AbbVie by 72.0% during the first quarter. Board of the Pension Protection Fund now owns 4,300 shares of the company's stock worth $901,000 after purchasing an additional 1,800 shares during the period. Tanager Wealth Management LLP boosted its position in AbbVie by 15.9% in the first quarter. Tanager Wealth Management LLP now owns 4,065 shares of the company's stock valued at $852,000 after buying an additional 558 shares during the last quarter. Falcon Wealth Planning increased its holdings in AbbVie by 10.8% in the 1st quarter. Falcon Wealth Planning now owns 2,616 shares of the company's stock worth $548,000 after buying an additional 254 shares during the period. Finally, First Merchants Corp increased its holdings in AbbVie by 95.7% in the 1st quarter. First Merchants Corp now owns 58,318 shares of the company's stock worth $12,219,000 after buying an additional 28,525 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Buying and Selling

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Guggenheim upped 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. Evercore ISI lifted their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Finally, Cantor Fitzgerald initiated coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $211.29.

AbbVie Stock Up 0.9%

AbbVie stock opened at $187.06 on Friday. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. The stock has a market capitalization of $330.42 billion, a PE ratio of 79.60, a price-to-earnings-growth ratio of 1.23 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The business has a 50 day simple moving average of $186.03 and a 200-day simple moving average of $187.88.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.40 by $0.06. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm's revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.31 EPS. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.51%. 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.

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