Oppenheimer & Co. Inc. Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Oppenheimer & Co. Inc. boosted its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 152,607 shares of the company's stock after purchasing an additional 2,738 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in AbbVie were worth $31,974,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Tallon Kerry Patrick acquired a new position in shares of AbbVie in the fourth quarter worth $309,000. LaFleur & Godfrey LLC raised its holdings in shares of AbbVie by 4.1% in the fourth quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company's stock worth $14,109,000 after acquiring an additional 3,108 shares during the last quarter. Brighton Jones LLC raised its holdings in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its holdings in shares of AbbVie by 2.5% in the fourth quarter. First Horizon Advisors Inc. now owns 178,469 shares of the company's stock worth $31,714,000 after acquiring an additional 4,344 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Guggenheim upped their target price on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price for the company. Bank of America upped their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Evercore ISI upped their target price on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Finally, Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $211.29.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.08% of the company's stock.

AbbVie Stock Up 1.0%

Shares of ABBV stock traded up $1.77 during trading hours on Tuesday, reaching $185.53. The company had a trading volume of 4,071,948 shares, compared to its average volume of 6,231,173. 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 Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The company has a market capitalization of $327.73 billion, a P/E ratio of 78.95, a price-to-earnings-growth ratio of 1.22 and a beta of 0.50. The stock's fifty day simple moving average is $185.46 and its 200 day simple moving average is $187.82.

AbbVie (NYSE:ABBV - Get Free Report) last posted its 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 return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the firm earned $2.31 earnings per share. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders 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 dividend yield of 3.54%. AbbVie's dividend payout ratio (DPR) 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.