Concord Asset Management LLC VA Lowers Holdings in AbbVie Inc. (NYSE:ABBV)

Concord Asset Management LLC VA lowered its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 78.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,068 shares of the company's stock after selling 22,087 shares during the period. Concord Asset Management LLC VA's holdings in AbbVie were worth $1,271,000 as of its most recent filing with the Securities and Exchange Commission.

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

AbbVie Price Performance

Shares of ABBV traded up $4.14 during midday trading on Wednesday, hitting $190.53. 6,202,432 shares of the company traded hands, compared to its average volume of 6,329,532. The stock has a 50-day moving average of $186.95 and a 200-day moving average of $189.20. 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 firm has a market cap of $336.55 billion, a P/E ratio of 81.08, a PEG ratio of 1.24 and a beta of 0.48. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66.

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

AbbVie Announces Dividend

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

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent analyst reports. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. The Goldman Sachs Group reiterated a "neutral" rating and set a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Cantor Fitzgerald began coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price on the stock. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Finally, Citigroup raised their price objective on shares of AbbVie to $205.00 and gave the stock 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 given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, AbbVie currently has a consensus rating of "Moderate Buy" and an average target price of $211.29.

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.