Conning Inc. Has $37.36 Million Stake in AbbVie Inc. (NYSE:ABBV)

Conning Inc. lowered its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 19.3% in the first quarter, according to the company in its most recent Form 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 comprises 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 quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. AF Advisors Inc. acquired a new stake in shares of AbbVie during the 1st quarter worth about $201,000. Davidson Trust Co. lifted its stake in shares of AbbVie by 1.0% during the 1st quarter. Davidson Trust Co. now owns 41,764 shares of the company's stock worth $8,750,000 after buying an additional 421 shares during the last quarter. Onyx Bridge Wealth Group LLC lifted its stake in shares of AbbVie by 2.7% during the 1st quarter. Onyx Bridge Wealth Group LLC now owns 5,671 shares of the company's stock worth $1,188,000 after buying an additional 148 shares during the last quarter. Checchi Capital Advisers LLC lifted its stake in shares of AbbVie by 2.1% during the 1st quarter. Checchi Capital Advisers LLC now owns 23,847 shares of the company's stock worth $4,996,000 after buying an additional 494 shares during the last quarter. Finally, Castle Wealth Management LLC lifted its stake in shares of AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after buying an additional 57 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

Shares of AbbVie stock traded down $1.84 during midday trading on Monday, hitting $187.44. 10,162,022 shares of the company traded hands, compared to its average volume of 6,269,187. The stock has a market cap of $331.09 billion, a price-to-earnings ratio of 79.76, a PEG ratio of 1.26 and a beta of 0.48. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The firm's fifty day moving average price is $187.37 and its 200-day moving average price is $188.68. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66.

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

AbbVie Announces Dividend

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. This represents a $6.56 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's payout ratio is 279.15%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ABBV. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Citigroup raised their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Guggenheim lifted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, Cantor Fitzgerald began coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective for the company. 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 company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

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.