Dakota Wealth Management Grows Position in AbbVie Inc. (NYSE:ABBV)

Dakota Wealth Management raised its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 44,244 shares of the company's stock after buying an additional 3,373 shares during the quarter. Dakota Wealth Management's holdings in AbbVie were worth $9,270,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of AbbVie by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock valued at $30,754,908,000 after acquiring an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of AbbVie by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock valued at $6,586,948,000 after acquiring an additional 983,888 shares in the last quarter. Capital Research Global Investors increased its holdings in AbbVie by 2.3% in the 4th quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after buying an additional 778,126 shares during the period. Norges Bank purchased a new position in AbbVie during the 4th quarter worth approximately $4,459,385,000. Finally, Northern Trust Corp lifted its stake in AbbVie by 11.8% during the 4th quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock valued at $3,878,236,000 after acquiring an additional 2,299,645 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group reiterated a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Evercore ISI increased their price target on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Guggenheim boosted their price objective on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Bank of America upped their target price on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Finally, Citigroup lifted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

AbbVie Price Performance

AbbVie stock traded up $4.14 during trading on Wednesday, reaching $190.53. The company had a trading volume of 6,201,988 shares, compared to its average volume of 6,319,566. The firm's 50-day simple moving average is $186.90 and its 200 day simple moving average is $189.19. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The firm has a market capitalization of $336.55 billion, a PE ratio of 81.08, a price-to-earnings-growth ratio of 1.28 and a beta of 0.48. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76.

AbbVie (NYSE:ABBV - Get Free Report) last released 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 firm had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter last year, the company earned $2.31 EPS. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.44%. AbbVie's dividend payout ratio is currently 279.15%.

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.