Westpac Banking Corp decreased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 18.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,715 shares of the company's stock after selling 3,470 shares during the quarter. Westpac Banking Corp's holdings in AbbVie were worth $3,293,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Steel Grove Capital Advisors LLC boosted its holdings in shares of AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after acquiring an additional 52 shares during the period. Peninsula Wealth LLC lifted its holdings in AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock worth $242,000 after purchasing an additional 54 shares during the period. Private Management Group Inc. raised its position in AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after acquiring an additional 54 shares in the last quarter. Connecticut Wealth Management LLC raised its position in AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after acquiring an additional 57 shares in the last quarter. Finally, Castle Wealth Management LLC raised its position in AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after acquiring an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.
AbbVie Stock Performance
Shares of ABBV stock traded up $3.31 during trading on Thursday, reaching $204.78. 4,630,246 shares of the company's stock were exchanged, compared to its average volume of 6,725,083. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $361.75 billion, a PE ratio of 97.51, a PEG ratio of 1.28 and a beta of 0.50. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The firm's fifty day moving average price is $190.39 and its 200-day moving average price is $191.67.
AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The firm's revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.65 earnings per share. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.
AbbVie Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors 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 annualized dividend and a yield of 3.2%. AbbVie's payout ratio is 312.38%.
Insider Transactions at AbbVie
In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.25% of the stock is owned by company insiders.
Analysts Set New Price Targets
ABBV has been the topic of several recent analyst reports. Citigroup boosted their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. 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. Guggenheim increased their price objective on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research note on Thursday, August 7th. Six analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $214.95.
Get Our Latest Stock Report on ABBV
AbbVie Company 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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