Amalgamated Bank Increases Stock Position in AbbVie Inc. (NYSE:ABBV)

Amalgamated Bank raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 370,000 shares of the company's stock after acquiring an additional 4,587 shares during the quarter. AbbVie makes up 0.7% of Amalgamated Bank's holdings, making the stock its 23rd largest holding. Amalgamated Bank's holdings in AbbVie were worth $77,522,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Norges Bank purchased a new position in AbbVie during the 4th quarter worth $4,459,385,000. GAMMA Investing LLC grew its position in shares of AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after buying an additional 10,195,284 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of AbbVie during the fourth quarter valued at $1,190,951,000. FMR LLC increased its stake in shares of AbbVie by 32.8% during the fourth quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after buying an additional 4,466,971 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after acquiring an additional 3,599,336 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on ABBV. Guggenheim lifted their target price on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Wells Fargo & Company raised their price target on shares of AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, March 5th. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. The Goldman Sachs Group reiterated a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Morgan Stanley increased their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and an average target price of $211.29.

AbbVie Stock Up 2.3%

NYSE ABBV traded up $4.30 on Tuesday, hitting $189.92. 5,936,750 shares of the stock were exchanged, compared to its average volume of 6,253,418. AbbVie Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66. The company has a 50-day moving average price of $186.52 and a 200-day moving average price of $188.21. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The company has a market cap of $335.47 billion, a PE ratio of 80.82, a PEG ratio of 1.23 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, beating the consensus estimate of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. AbbVie's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.31 earnings per share. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is 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.