Commonwealth Equity Services LLC Raises Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Commonwealth Equity Services LLC has increased its ownership in AbbVie Inc. by 3.3%, holding approximately 0.07% of the company, worth around $264.76 million as of the latest SEC filing.
• Several hedge funds, including GAMMA Investing LLC and FMR LLC, have significantly boosted their stakes in AbbVie, with GAMMA Investing increasing its stake by 25,841.6% during the first quarter.
• Analysts have raised their price targets for AbbVie shares, with Morgan Stanley setting a new target of $255.00 and Raymond James Financial raising theirs to $236.00, reflecting a consensus rating of "Moderate Buy."

Commonwealth Equity Services LLC boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,263,640 shares of the company's stock after buying an additional 40,114 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.07% of AbbVie worth $264,758,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Brighton Jones LLC boosted its stake in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in AbbVie by 72.7% in the fourth 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. PAX Financial Group LLC boosted its holdings in AbbVie by 13.3% in the fourth quarter. PAX Financial Group LLC now owns 2,139 shares of the company's stock valued at $380,000 after purchasing an additional 251 shares during the last quarter. Pioneer Trust Bank N A OR boosted its holdings in AbbVie by 16.1% in the fourth quarter. Pioneer Trust Bank N A OR now owns 4,730 shares of the company's stock valued at $841,000 after purchasing an additional 655 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new stake in AbbVie in the fourth quarter valued at $97,148,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

ABBV stock traded up $1.83 during mid-day trading on Monday, reaching $197.05. The company's stock had a trading volume of 4,216,467 shares, compared to its average volume of 5,844,660. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The stock has a market cap of $348.07 billion, a PE ratio of 93.83, a P/E/G ratio of 1.27 and a beta of 0.50. The company's 50 day moving average is $188.33 and its two-hundred day moving average is $190.42. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 518.10% and a net margin of 6.45%. The business's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.65 EPS. Equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given 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 dividend yield of 3.3%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Analyst Upgrades and Downgrades

Several research firms have commented on ABBV. Raymond James Financial upped their price target on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a report on Friday. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Citigroup upped their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Guggenheim upped their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $212.81.

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.