Carnegie Investment Counsel lifted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 164.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 116,216 shares of the company's stock after acquiring an additional 72,193 shares during the quarter. Carnegie Investment Counsel's holdings in AbbVie were worth $23,298,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Machina Capital S.A.S. acquired a new stake in AbbVie during the first quarter worth about $799,000. Ninepoint Partners LP acquired a new position in AbbVie during the 1st quarter worth approximately $1,044,000. Pinnacle Associates Ltd. lifted its position in shares of AbbVie by 1.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 131,272 shares of the company's stock worth $27,504,000 after buying an additional 1,802 shares during the last quarter. Guardian Wealth Management Inc. lifted its position in shares of AbbVie by 3.4% during the 1st quarter. Guardian Wealth Management Inc. now owns 29,188 shares of the company's stock worth $6,116,000 after buying an additional 973 shares during the last quarter. Finally, AE Wealth Management LLC raised its position in AbbVie by 2.8% in the 1st quarter. AE Wealth Management LLC now owns 250,506 shares of the company's stock valued at $52,486,000 after purchasing an additional 6,786 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.
AbbVie Trading Down 0.3%
NYSE:ABBV traded down $0.61 during mid-day trading on Friday, hitting $190.22. The company had a trading volume of 3,786,155 shares, compared to its average volume of 6,461,288. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The business's fifty day moving average is $187.62 and its two-hundred day moving average is $189.77. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The firm has a market cap of $336.00 billion, a P/E ratio of 80.94, a P/E/G ratio of 1.26 and a beta of 0.48.
AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $2.31 EPS. As a group, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.
AbbVie Announces Dividend
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 given a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.45%. AbbVie's payout ratio is 279.15%.
Wall Street Analyst Weigh In
A number of research firms have issued reports on ABBV. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Guggenheim upped their target price on shares of AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Morgan Stanley upped their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Evercore ISI increased their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Finally, Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $211.29.
Check Out Our Latest Stock Analysis on AbbVie
AbbVie Profile
(
Free Report)
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.
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