Stratos Wealth Advisors LLC Lowers Stock Position in AbbVie Inc. (NYSE:ABBV)

Stratos Wealth Advisors LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 38.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,862 shares of the company's stock after selling 9,297 shares during the quarter. Stratos Wealth Advisors LLC's holdings in AbbVie were worth $3,114,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Abound Financial LLC purchased a new stake in AbbVie in the first quarter worth $30,000. EnRich Financial Partners LLC lifted its holdings in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Prudent Man Investment Management Inc. bought a new position in AbbVie in the fourth quarter valued at about $32,000. Pinney & Scofield Inc. bought a new position in AbbVie in the fourth quarter valued at about $36,000. Finally, Inlight Wealth Management LLC purchased a new stake in AbbVie in the first quarter worth about $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. The Goldman Sachs Group restated a "neutral" rating and set a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Citigroup raised their price target on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Bank of America raised their price target on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Finally, Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Stock Performance

Shares of ABBV traded down $2.68 during midday trading on Friday, reaching $192.32. 4,990,162 shares of the stock were exchanged, compared to its average volume of 6,311,659. The business's 50-day moving average price is $187.01 and its 200 day moving average price is $189.05. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company has a market capitalization of $339.71 billion, a price-to-earnings ratio of 81.84, a PEG ratio of 1.28 and a beta of 0.48.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for 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 business's revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.31 earnings per share. On average, sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 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.