AlphaCore Capital LLC raised its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 22.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,847 shares of the company's stock after purchasing an additional 4,338 shares during the quarter. AlphaCore Capital LLC's holdings in AbbVie were worth $4,996,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of ABBV. Steel Grove Capital Advisors LLC raised its holdings in shares of AbbVie by 1.7% during the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after buying an additional 52 shares during the period. Peninsula Wealth LLC raised its holdings in shares of AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after buying an additional 54 shares during the period. Private Management Group Inc. raised its holdings in shares of AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after buying an additional 54 shares during the period. Connecticut Wealth Management LLC raised its holdings in shares of AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after buying an additional 57 shares during the period. Finally, Castle Wealth Management LLC raised its holdings in shares of AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after buying an additional 57 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently commented on ABBV. Morgan Stanley raised their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a report on Thursday. Finally, Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Six equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $214.43.
Get Our Latest Research Report on AbbVie
AbbVie Stock Performance
NYSE:ABBV traded down $0.76 during midday trading on Friday, reaching $198.10. 4,101,321 shares of the company traded hands, compared to its average volume of 5,210,216. The company has a fifty day moving average price of $189.65 and a 200 day moving average price of $191.06. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.64. The firm has a market capitalization of $349.96 billion, a price-to-earnings ratio of 94.33, a price-to-earnings-growth 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.
AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm's revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.65 EPS. On average, analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.
AbbVie Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.3%. AbbVie's payout ratio is presently 312.38%.
Insiders Place Their Bets
In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by insiders.
AbbVie Company Profile
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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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