Chung Wu Investment Group LLC Acquires 1,380 Shares of AbbVie Inc. (NYSE:ABBV)

Chung Wu Investment Group LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 17.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,225 shares of the company's stock after buying an additional 1,380 shares during the quarter. AbbVie makes up approximately 2.3% of Chung Wu Investment Group LLC's portfolio, making the stock its 11th biggest position. Chung Wu Investment Group LLC's holdings in AbbVie were worth $1,933,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Balefire LLC increased its stake in AbbVie by 28.7% during the 1st quarter. Balefire LLC now owns 2,123 shares of the company's stock valued at $445,000 after purchasing an additional 473 shares in the last quarter. KPP Advisory Services LLC grew its holdings in shares of AbbVie by 50.1% during the first quarter. KPP Advisory Services LLC now owns 8,679 shares of the company's stock valued at $1,818,000 after buying an additional 2,895 shares during the last quarter. Goldstein Advisors LLC increased its position in shares of AbbVie by 2.9% during the first quarter. Goldstein Advisors LLC now owns 5,476 shares of the company's stock worth $1,147,000 after acquiring an additional 156 shares in the last quarter. LifeSteps Financial Inc. lifted its position in AbbVie by 1.0% in the 1st quarter. LifeSteps Financial Inc. now owns 7,304 shares of the company's stock valued at $1,530,000 after acquiring an additional 71 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. boosted its stake in AbbVie by 0.4% during the 1st quarter. Penobscot Investment Management Company Inc. now owns 77,780 shares of the company's stock valued at $16,296,000 after purchasing an additional 327 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent research reports. Guggenheim raised their target price on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Cantor Fitzgerald assumed coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective for the company. Finally, BNP Paribas raised shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus target price of $211.29.

AbbVie Trading Up 0.0%

Shares of AbbVie stock opened at $185.64 on Thursday. The company's 50-day moving average price is $185.74 and its 200-day moving average price is $187.81. The company has a market cap of $327.91 billion, a price-to-earnings ratio of 79.00, a PEG ratio of 1.23 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.31 EPS. On average, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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 paid a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.53%. AbbVie's dividend payout ratio 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.

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