Conning Inc. Cuts Holdings in AbbVie Inc. (NYSE:ABBV)

Conning Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 19.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,333 shares of the company's stock after selling 42,567 shares during the period. AbbVie accounts for about 1.3% of Conning Inc.'s portfolio, making the stock its 11th largest holding. Conning Inc.'s holdings in AbbVie were worth $37,364,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ABBV. Brighton Jones LLC grew its position in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC grew its position in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after purchasing an additional 3,064 shares in the last quarter. NewSquare Capital LLC grew its position in shares of AbbVie by 53,000.0% in the fourth quarter. NewSquare Capital LLC now owns 531 shares of the company's stock valued at $94,000 after purchasing an additional 530 shares in the last quarter. Assetmark Inc. grew its holdings in AbbVie by 11.4% in the 4th quarter. Assetmark Inc. now owns 167,652 shares of the company's stock valued at $29,792,000 after buying an additional 17,143 shares in the last quarter. Finally, Proficio Capital Partners LLC grew its holdings in AbbVie by 50.8% in the 4th quarter. Proficio Capital Partners LLC now owns 6,622 shares of the company's stock valued at $1,177,000 after buying an additional 2,230 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on ABBV shares. Guggenheim upped 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. Cantor Fitzgerald began 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. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. The Goldman Sachs Group reiterated a "neutral" rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Finally, Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. 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 stock. According to data from MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and an average target price of $211.29.

AbbVie Trading Down 0.7%

NYSE:ABBV traded down $1.25 during trading hours on Friday, reaching $189.50. 3,706,217 shares of the stock were exchanged, compared to its average volume of 6,249,990. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The business has a 50-day moving average of $187.37 and a two-hundred day moving average of $188.56. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company has a market capitalization of $334.73 billion, a price-to-earnings ratio of 80.64, a PEG ratio of 1.26 and a beta of 0.48.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) 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 analyst estimates of $12.91 billion. During the same quarter in the prior year, the company earned $2.31 EPS. AbbVie's revenue was up 8.4% on a year-over-year basis. On average, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 3.46%. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

AbbVie 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.