Bridges Investment Management Inc. Grows Stake in AbbVie Inc. (NYSE:ABBV)

Bridges Investment Management Inc. grew its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 6.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 192,031 shares of the company's stock after purchasing an additional 12,165 shares during the quarter. Bridges Investment Management Inc.'s holdings in AbbVie were worth $40,234,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC increased its stake 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 in the last quarter. Proficio Capital Partners LLC raised its holdings in shares of AbbVie by 50.8% during the fourth quarter. Proficio Capital Partners LLC now owns 6,622 shares of the company's stock valued at $1,177,000 after purchasing an additional 2,230 shares during the period. Clare Market Investments LLC bought a new stake in AbbVie in the 4th quarter valued at about $260,000. Finally, Channing Capital Management LLC raised its stake in AbbVie by 9.7% during the 4th quarter. Channing Capital Management LLC now owns 60,798 shares of the company's stock worth $10,804,000 after buying an additional 5,397 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Cantor Fitzgerald began coverage on AbbVie in a report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective for the company. Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group reissued a "neutral" rating and set a $194.00 target price on shares of AbbVie in a research report on Tuesday, April 8th. Finally, Bank of America upped their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Stock Performance

Shares of NYSE:ABBV traded up $4.78 during mid-day trading on Thursday, reaching $195.40. The company had a trading volume of 3,065,648 shares, compared to its average volume of 6,277,076. The company's 50-day moving average price is $187.10 and its 200-day moving average price is $188.78. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The firm has a market cap of $345.15 billion, a price-to-earnings ratio of 83.10, a PEG ratio of 1.28 and a beta of 0.48. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14.

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, beating analysts' consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. The business'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 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. Shareholders 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 annualized dividend and a yield of 3.36%. 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.