Atria Wealth Solutions Inc. Decreases Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Atria Wealth Solutions Inc. has reduced its stake in AbbVie Inc. by 4.7%, now owning 137,705 shares valued at approximately $28.85 million.
• Wall Street analysts show a positive outlook for AbbVie, with target price increases from firms like Guggenheim and Citigroup, indicating a consensus rating of "Moderate Buy."
• AbbVie recently reported a quarterly dividend of $1.64, with a dividend yield of 3.3%, despite a high payout ratio of 312.38%.

Atria Wealth Solutions Inc. decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 137,705 shares of the company's stock after selling 6,769 shares during the period. Atria Wealth Solutions Inc.'s holdings in AbbVie were worth $28,852,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Steel Grove Capital Advisors LLC raised its stake in shares of AbbVie by 1.7% in 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 raised its position in AbbVie by 4.1% in the 4th 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. boosted its position in shares of AbbVie by 1.9% during the first 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 grew its stake in shares of AbbVie by 1.6% during the fourth 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 last quarter. Finally, Castle Wealth Management LLC lifted its stake 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 worth $361,000 after acquiring an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent analyst reports. Guggenheim boosted their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday. Citigroup lifted their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $212.81.

AbbVie Trading Up 0.9%

Shares of NYSE:ABBV opened at $197.05 on Tuesday. The business's 50-day moving average is $188.60 and its 200 day moving average is $190.60. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The firm has a market capitalization 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.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 518.10%. The business's revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.65 EPS. On average, research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio 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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