Firestone Capital Management Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Firestone Capital Management boosted its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 169.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,996 shares of the company's stock after acquiring an additional 2,511 shares during the period. Firestone Capital Management's holdings in AbbVie were worth $837,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABBV. Brighton Jones LLC boosted its stake in shares of AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its position in AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after buying an additional 3,064 shares during the period. Proficio Capital Partners LLC boosted its position in AbbVie by 50.8% during the 4th quarter. Proficio Capital Partners LLC now owns 6,622 shares of the company's stock valued at $1,177,000 after buying an additional 2,230 shares during the period. Choate Investment Advisors boosted its position in AbbVie by 4.3% during the 4th quarter. Choate Investment Advisors now owns 71,792 shares of the company's stock valued at $12,757,000 after buying an additional 2,972 shares during the period. Finally, one8zero8 LLC purchased a new stake in AbbVie during the 4th quarter valued at $2,070,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Morgan Stanley raised their target price on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Cantor Fitzgerald assumed coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price for the company. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. BNP Paribas raised shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Finally, Guggenheim raised their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Eight 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 stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Price Performance

NYSE ABBV traded up $0.48 during mid-day trading on Thursday, hitting $191.06. The stock had a trading volume of 1,538,999 shares, compared to its average volume of 6,310,914. The firm's 50 day moving average is $186.95 and its 200 day moving average is $189.20. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. 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 stock has a market capitalization of $337.48 billion, a price-to-earnings ratio of 81.35, a PEG ratio of 1.24 and a beta of 0.48.

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

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.43%. The ex-dividend date is Tuesday, July 15th. AbbVie's payout ratio is 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.