AbbVie Inc. (NYSE:ABBV) Stock Position Boosted by Cary Street Partners Financial LLC

Key Points

• Cary Street Partners Financial LLC has increased its stake in AbbVie Inc. by 5.2% during the first quarter, owning a total of 129,406 shares now valued at approximately $27.1 million.
• Analysts have raised their price targets for AbbVie, with a consensus rating of "Moderate Buy" and an average price target of $212.81.
• AbbVie announced a quarterly dividend of $1.64 per share, resulting in an annualized dividend yield of 3.3%, with a significant dividend payout ratio of 312.38%.

Cary Street Partners Financial LLC boosted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 5.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 129,406 shares of the company's stock after buying an additional 6,393 shares during the period. AbbVie accounts for 0.9% of Cary Street Partners Financial LLC's portfolio, making the stock its 20th biggest holding. Cary Street Partners Financial LLC's holdings in AbbVie were worth $27,113,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ABBV. Thoroughbred Financial Services LLC boosted its position in shares of AbbVie by 2.9% during the 1st quarter. Thoroughbred Financial Services LLC now owns 22,434 shares of the company's stock valued at $4,700,000 after purchasing an additional 624 shares in the last quarter. Plan Group Financial LLC bought a new position in shares of AbbVie during the 1st quarter valued at about $274,000. JGP Global Gestao de Recursos Ltda. bought a new position in shares of AbbVie during the 1st quarter valued at about $703,000. MWA Asset Management boosted its position in shares of AbbVie by 1.7% during the 1st quarter. MWA Asset Management now owns 17,090 shares of the company's stock valued at $3,581,000 after purchasing an additional 285 shares in the last quarter. Finally, Gill Capital Partners LLC boosted its position in shares of AbbVie by 34.5% during the 1st quarter. Gill Capital Partners LLC now owns 2,342 shares of the company's stock valued at $491,000 after purchasing an additional 601 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ABBV shares. Bank of America raised their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Evercore ISI raised 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. Guggenheim raised their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday. The Goldman Sachs Group restated a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Finally, Morgan Stanley raised their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $212.81.

AbbVie Stock Performance

ABBV stock opened at $197.05 on Tuesday. 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 stock has a market cap of $348.07 billion, a P/E ratio of 93.83, a P/E/G ratio of 1.27 and a beta of 0.50. The firm has a 50 day simple moving average of $188.60 and a 200 day simple moving average of $190.60. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 518.10% and a net margin of 6.45%. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.65 earnings per share. Research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed 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. This represents a $6.56 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

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.

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