Banque Pictet & Cie SA Boosts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Banque Pictet & Cie SA increased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 139.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 178,344 shares of the company's stock after acquiring an additional 103,887 shares during the quarter. Banque Pictet & Cie SA's holdings in AbbVie were worth $37,367,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. Axxcess Wealth Management LLC lifted its position in shares of AbbVie by 1.0% during the first quarter. Axxcess Wealth Management LLC now owns 68,987 shares of the company's stock valued at $14,454,000 after purchasing an additional 669 shares in the last quarter. Rehmann Capital Advisory Group lifted its position in shares of AbbVie by 2.2% during the first quarter. Rehmann Capital Advisory Group now owns 14,737 shares of the company's stock valued at $3,088,000 after purchasing an additional 319 shares in the last quarter. Cornerstone Planning Group LLC lifted its position in shares of AbbVie by 27.5% during the first quarter. Cornerstone Planning Group LLC now owns 2,004 shares of the company's stock valued at $420,000 after purchasing an additional 432 shares in the last quarter. Dogwood Wealth Management LLC lifted its position in shares of AbbVie by 30.0% during the first quarter. Dogwood Wealth Management LLC now owns 325 shares of the company's stock valued at $68,000 after purchasing an additional 75 shares in the last quarter. Finally, New Insight Wealth Advisors lifted its position in shares of AbbVie by 2.1% during the first quarter. New Insight Wealth Advisors now owns 4,144 shares of the company's stock valued at $868,000 after purchasing an additional 84 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ABBV shares. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Citigroup boosted their target price on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Morgan Stanley boosted their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Cantor Fitzgerald assumed coverage on shares of AbbVie in a report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price on the stock. Finally, Bank of America boosted their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and an average price target of $211.29.

AbbVie Price Performance

NYSE:ABBV traded down $2.68 during midday trading on Friday, hitting $192.32. The company had a trading volume of 4,990,162 shares, compared to its average volume of 6,311,659. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The stock's fifty day moving average price is $187.01 and its 200-day moving average price is $189.05. The company has a market capitalization of $339.71 billion, a PE ratio of 81.84, a P/E/G ratio of 1.28 and a beta of 0.48. 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 (NYSE:ABBV - Get Free Report) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same period in the previous year, the business earned $2.31 earnings per share. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. As a group, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business 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. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.41%. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

About AbbVie

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.