Code Waechter LLC Grows Stock Position in AbbVie Inc. (NYSE:ABBV)

Code Waechter LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 66.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,875 shares of the company's stock after buying an additional 1,552 shares during the quarter. Code Waechter LLC's holdings in AbbVie were worth $812,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Abound Financial LLC acquired a new position in shares of AbbVie in the 1st quarter valued at $30,000. EnRich Financial Partners LLC increased its holdings in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after acquiring an additional 110 shares during the period. Prudent Man Investment Management Inc. acquired a new position in shares of AbbVie in the 4th quarter valued at $32,000. Pinney & Scofield Inc. acquired a new position in shares of AbbVie in the 4th quarter valued at $36,000. Finally, Inlight Wealth Management LLC acquired a new position in shares of AbbVie in the 1st quarter valued at $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $2.68 on Friday, reaching $192.32. 4,990,162 shares of the company were exchanged, compared to its average volume of 6,311,659. 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 Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The firm has a market cap of $339.71 billion, a price-to-earnings ratio of 81.84, a price-to-earnings-growth ratio of 1.28 and a beta of 0.48. The company has a 50-day moving average of $187.01 and a 200-day moving average of $189.11.

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

AbbVie Announces Dividend

The firm also recently disclosed 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 of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.41%. AbbVie's dividend payout ratio is presently 279.15%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. BNP Paribas raised shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Morgan Stanley lifted 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. Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Citigroup lifted their target price on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Finally, Cantor Fitzgerald assumed coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. 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's stock. According to MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and an average target price of $211.29.

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.