Adell Harriman & Carpenter Inc. Has $35.79 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Adell Harriman & Carpenter Inc. lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 170,793 shares of the company's stock after selling 3,669 shares during the period. AbbVie comprises about 2.7% of Adell Harriman & Carpenter Inc.'s investment portfolio, making the stock its 10th biggest position. Adell Harriman & Carpenter Inc.'s holdings in AbbVie were worth $35,785,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ABBV. EnRich Financial Partners LLC grew its holdings in shares of AbbVie by 196.4% during 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 last quarter. Promus Capital LLC bought a new stake in AbbVie in the 4th quarter worth $30,000. Prudent Man Investment Management Inc. bought a new stake in AbbVie in the 4th quarter worth $32,000. Siemens Fonds Invest GmbH grew its holdings in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after acquiring an additional 119,141 shares during the last quarter. Finally, Pinney & Scofield Inc. bought a new stake in AbbVie in the 4th quarter worth $36,000. Institutional investors own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Morgan Stanley raised their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Finally, Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and an average target price of $211.29.

AbbVie Stock Down 0.7%

NYSE ABBV traded down $1.25 during trading hours on Friday, reaching $189.50. 3,706,217 shares of the company's stock traded hands, compared to its average volume of 6,249,990. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The firm has a market cap of $334.73 billion, a PE ratio of 80.64, a PEG ratio of 1.26 and a beta of 0.48. The firm has a 50-day simple moving average of $187.37 and a 200 day simple moving average of $188.68. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating 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 company had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. During the same period last year, the company posted $2.31 EPS. AbbVie's revenue was up 8.4% on a year-over-year basis. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.46%. AbbVie's dividend payout ratio is currently 279.15%.

AbbVie 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.