Calamos Advisors LLC Purchases 17,380 Shares of AbbVie Inc. $ABBV

Key Points

• Calamos Advisors LLC increased its AbbVie stake by 3.7% in the first quarter, buying 17,380 additional shares and bringing its total holding to 483,670 shares worth about $105.2 million.
• AbbVie reported better-than-expected quarterly results, posting EPS of $2.65 versus the $2.59 estimate and revenue of $15 billion, up 12.4% year over year.
• The company announced a quarterly dividend of $1.73 per share, implying an annualized payout of $6.92 and a yield of 2.8%, while analysts currently rate the stock a consensus Moderate Buy with an average target price of $266.24.

Calamos Advisors LLC raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 483,670 shares of the company's stock after acquiring an additional 17,380 shares during the quarter. Calamos Advisors LLC's holdings in AbbVie were worth $105,193,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ABBV. Bank of Jackson Hole Trust lifted its holdings in AbbVie by 0.6% in the fourth quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company's stock valued at $1,648,000 after buying an additional 44 shares during the period. Eclectic Associates Inc. ADV grew its stake in AbbVie by 0.8% in the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company's stock valued at $1,337,000 after acquiring an additional 45 shares during the period. Imprint Wealth LLC grew its position in AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock valued at $29,000 after purchasing an additional 45 shares during the period. Hardin Capital Partners LLC increased its position in shares of AbbVie by 1.4% during the fourth quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company's stock worth $759,000 after acquiring an additional 46 shares in the last quarter. Finally, Dogwood Wealth Management LLC increased its holdings in AbbVie by 10.8% during the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company's stock worth $108,000 after purchasing an additional 46 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Down 0.0%

AbbVie stock opened at $248.06 on Tuesday. The firm has a market cap of $438.27 billion, a P/E ratio of 122.20, a P/E/G ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a 1-year low of $184.63 and a 1-year high of $261.64. The firm has a 50-day moving average of $226.15 and a 200-day moving average of $221.34.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter in the prior year, the company earned $2.46 earnings per share. The firm's revenue for the quarter was up 12.4% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a yield of 2.8%. AbbVie's dividend payout ratio (DPR) is currently 340.89%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ABBV. Bank of America upped their target price on shares of AbbVie from $234.00 to $276.00 and gave the stock a "buy" rating in a research note on Friday. Piper Sandler reiterated an "overweight" rating and set a $298.00 price target on shares of AbbVie in a research note on Tuesday, June 23rd. Evercore set a $235.00 price objective on shares of AbbVie in a research note on Friday, May 15th. HSBC reissued a "buy" rating and issued a $300.00 price target on shares of AbbVie in a report on Monday, July 6th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of AbbVie in a research report on Monday, June 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $266.24.

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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