Concurrent Investment Advisors LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 26.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,773 shares of the company's stock after buying an additional 19,660 shares during the quarter. Concurrent Investment Advisors LLC's holdings in AbbVie were worth $19,647,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. EnRich Financial Partners LLC lifted its stake in AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC acquired a new position in AbbVie in the fourth quarter worth $30,000. Prudent Man Investment Management Inc. acquired a new position in AbbVie in the fourth quarter worth $32,000. Pinney & Scofield Inc. acquired a new position in AbbVie in the fourth quarter worth $36,000. Finally, Inlight Wealth Management LLC acquired a new position in AbbVie in the first quarter worth $42,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
ABBV has been the subject of a number of research reports. Bank of America lifted their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Guggenheim lifted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective for the company. Morgan Stanley lifted their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $211.29.
View Our Latest Stock Report on AbbVie
AbbVie Stock Performance
ABBV stock opened at $189.50 on Friday. The company has a market capitalization of $334.73 billion, a P/E ratio of 80.64, a PEG ratio of 1.26 and a beta of 0.48. The company has a 50-day simple moving average of $187.37 and a 200 day simple moving average of $188.46. AbbVie Inc. has a fifty-two week low of $163.63 and a fifty-two week high of $218.66. 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 posted its quarterly earnings data 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. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.31 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.
AbbVie Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.46%. The ex-dividend date is Tuesday, July 15th. AbbVie's payout ratio is currently 279.15%.
AbbVie Profile
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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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