Connable Office Inc. Buys Shares of 7,611 AbbVie Inc. (NYSE:ABBV)

Key Points

• Connable Office Inc. purchased 7,611 shares of AbbVie Inc. in the first quarter, amounting to approximately $1,595,000.
• AbbVie's stock opened at $195.17, with a 52-week range between $163.81 and $218.66, and a market cap of $344.75 billion.
• The company declared a quarterly dividend of $1.64, scheduled to be paid on August 15th, with a substantial annualized yield of 3.4%.

Connable Office Inc. purchased a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 7,611 shares of the company's stock, valued at approximately $1,595,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Earned Wealth Advisors LLC raised its stake in AbbVie by 123.0% during the first quarter. Earned Wealth Advisors LLC now owns 2,986 shares of the company's stock worth $626,000 after buying an additional 1,647 shares during the last quarter. SGL Investment Advisors Inc. grew its holdings in AbbVie by 34.9% during the 1st quarter. SGL Investment Advisors Inc. now owns 1,701 shares of the company's stock worth $356,000 after acquiring an additional 440 shares during the period. NewEdge Wealth LLC raised its position in shares of AbbVie by 4.6% in the 1st quarter. NewEdge Wealth LLC now owns 212,552 shares of the company's stock worth $44,534,000 after acquiring an additional 9,428 shares in the last quarter. Allianz SE lifted its stake in shares of AbbVie by 2.0% in the 1st quarter. Allianz SE now owns 97,443 shares of the company's stock valued at $20,416,000 after purchasing an additional 1,883 shares during the period. Finally, Commonwealth Equity Services LLC lifted its stake in shares of AbbVie by 3.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 1,263,640 shares of the company's stock valued at $264,758,000 after purchasing an additional 40,114 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Price Performance

AbbVie stock opened at $195.17 on Monday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. The company's 50 day moving average price is $188.33 and its two-hundred day moving average price is $190.42. The stock has a market cap of $344.75 billion, a P/E ratio of 92.94, a P/E/G ratio of 1.27 and a beta of 0.50. 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 Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 518.10%. The business had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the previous year, the business posted $2.65 earnings per share. The business's revenue was up 6.6% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's payout ratio is 312.38%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. BNP Paribas raised AbbVie to a "hold" rating in a research note on Thursday, May 8th. Bank of America lifted their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Raymond James Financial increased their target price on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research note on Friday. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Cantor Fitzgerald initiated coverage on shares of AbbVie in a report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $212.81.

AbbVie Company Profile

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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