Concord Wealth Partners cut its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 74.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,668 shares of the company's stock after selling 21,812 shares during the period. Concord Wealth Partners' holdings in AbbVie were worth $1,607,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes 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 buying an additional 52 shares during the period. Peninsula Wealth LLC raised its stake in shares of AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after buying an additional 54 shares during the period. Connecticut Wealth Management LLC raised its stake in shares of AbbVie by 1.6% in 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 period. Castle Wealth Management LLC raised its stake in shares of AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after buying an additional 57 shares during the period. Finally, Northstar Group Inc. raised its stake in shares of AbbVie by 0.7% in the first quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock valued at $1,783,000 after buying an additional 58 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.
AbbVie Price Performance
AbbVie stock traded down $2.14 during midday trading on Friday, reaching $189.26. 5,331,983 shares of the stock traded hands, compared to its average volume of 6,318,509. The stock's fifty day moving average is $187.17 and its 200-day moving average is $189.38. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The stock has a market cap of $334.31 billion, a P/E ratio of 80.54, a PEG ratio of 1.27 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 issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same period in the prior year, the business posted $2.31 earnings per share. The company's revenue for the quarter was up 8.4% on a year-over-year basis. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.
AbbVie Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.47%. AbbVie's payout ratio is currently 279.15%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on ABBV. BNP Paribas upgraded AbbVie to a "hold" rating in a research note on Thursday, May 8th. Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price on the stock. Morgan Stanley upped their target price on AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Citigroup upped their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Finally, Evercore ISI upped their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Eight research 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $211.29.
Check Out Our Latest Research Report on AbbVie
About AbbVie
(
Free Report)
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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