Cumberland Partners Ltd Acquires 4,175 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• Cumberland Partners Ltd increased its stake in AbbVie Inc. by 21.5% during the first quarter, owning 23,557 shares worth approximately $4.9 million.
• AbbVie reported quarterly earnings of $2.97 per share, missing estimates of $3.24, but achieved a revenue of $15.42 billion, beating the forecast of $14.93 billion.
• The company's dividend yield stands at 3.4%, with a quarterly dividend of $1.64 per share to be paid on August 15th.

Cumberland Partners Ltd boosted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 21.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 23,557 shares of the company's stock after buying an additional 4,175 shares during the period. Cumberland Partners Ltd's holdings in AbbVie were worth $4,936,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Capital Research Global Investors raised its position in shares of AbbVie by 2.3% in the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock valued at $6,038,898,000 after purchasing an additional 778,126 shares during the period. Northern Trust Corp raised its position in shares of AbbVie by 11.8% in the fourth quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock valued at $3,878,236,000 after purchasing an additional 2,299,645 shares during the period. FMR LLC raised its position in shares of AbbVie by 32.8% in the fourth quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after purchasing an additional 4,466,971 shares during the period. Capital World Investors raised its position in shares of AbbVie by 6.2% in the fourth quarter. Capital World Investors now owns 16,410,277 shares of the company's stock valued at $2,915,990,000 after purchasing an additional 959,242 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of AbbVie by 18.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company's stock valued at $2,142,832,000 after purchasing an additional 1,882,780 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Trading Up 3.3%

NYSE ABBV traded up $6.15 on Friday, hitting $195.17. The company's stock had a trading volume of 8,081,230 shares, compared to its average volume of 5,440,562. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The company's 50-day moving average is $188.33 and its 200 day moving average is $190.30. The firm has a market cap of $344.75 billion, a PE ratio of 92.94, a PEG ratio of 1.29 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 518.10%. The business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the company posted $2.65 earnings per share. The company's revenue was up 6.6% compared to the same quarter last year. As a group, analysts predict that AbbVie Inc. will post 12.31 earnings per share 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 $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.4%. AbbVie's payout ratio is currently 312.38%.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent research reports. Guggenheim raised their price target on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday. BNP Paribas raised shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 price target on shares of AbbVie in a research report on Tuesday, April 8th. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Finally, Raymond James Financial raised their price target on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $212.81.

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.