Covenant Asset Management LLC Trims Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Covenant Asset Management LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 5.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,128 shares of the company's stock after selling 1,366 shares during the period. AbbVie makes up 1.0% of Covenant Asset Management LLC's investment portfolio, making the stock its 28th largest holding. Covenant Asset Management LLC's holdings in AbbVie were worth $4,636,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of ABBV. EnRich Financial Partners LLC lifted its stake in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after acquiring an additional 110 shares during the period. Abound Financial LLC acquired a new stake in shares of AbbVie in the 1st quarter worth $30,000. Prudent Man Investment Management Inc. acquired a new stake in shares of AbbVie in the 4th quarter worth $32,000. Siemens Fonds Invest GmbH lifted its stake in shares of AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after acquiring an additional 119,141 shares during the period. Finally, Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the 1st quarter worth $35,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Down 1.1%

Shares of ABBV traded down $2.14 during mid-day trading on Friday, reaching $189.26. 5,331,983 shares of the company were exchanged, compared to its average volume of 6,326,641. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. 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 stock has a market capitalization of $334.31 billion, a PE ratio of 80.54, a PEG ratio of 1.25 and a beta of 0.48. The business has a 50 day simple moving average of $187.17 and a two-hundred day simple moving average of $189.46.

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

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.47%. AbbVie's dividend payout ratio (DPR) is currently 279.15%.

Analyst Ratings Changes

Several analysts recently commented on ABBV shares. Citigroup raised their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Evercore ISI lifted their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Morgan Stanley lifted their target price on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Finally, BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently 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.