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DAVENPORT & Co LLC Acquires 13,308 Shares of AbbVie Inc. (NYSE:ABBV)

AbbVie logo with Medical background

DAVENPORT & Co LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,321 shares of the company's stock after acquiring an additional 13,308 shares during the period. DAVENPORT & Co LLC's holdings in AbbVie were worth $39,035,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ABBV. Crestline Management LP raised its position in shares of AbbVie by 438.4% in the fourth quarter. Crestline Management LP now owns 35,311 shares of the company's stock valued at $6,275,000 after purchasing an additional 28,753 shares during the period. Dimensional Fund Advisors LP grew its stake in AbbVie by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock valued at $1,664,489,000 after buying an additional 108,993 shares during the last quarter. Quantbot Technologies LP raised its holdings in AbbVie by 35.8% in the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock worth $186,000 after acquiring an additional 276 shares during the period. AXA S.A. boosted its holdings in AbbVie by 14.8% during the fourth quarter. AXA S.A. now owns 971,893 shares of the company's stock valued at $172,705,000 after acquiring an additional 125,568 shares during the period. Finally, Highland Capital Management LLC grew its position in shares of AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after purchasing an additional 2,792 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of ABBV stock traded down $1.25 during trading hours on Friday, hitting $189.50. 3,706,217 shares of the company's stock were exchanged, compared to its average volume of 6,248,905. AbbVie Inc. has a 52 week low of $163.63 and a 52 week high of $218.66. The stock has a market cap of $334.73 billion, a price-to-earnings ratio of 80.64, a price-to-earnings-growth ratio of 1.27 and a beta of 0.48. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The stock's 50-day moving average is $187.30 and its 200-day moving average is $188.36.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders 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 annualized dividend and a dividend yield of 3.46%. AbbVie's dividend payout ratio (DPR) is currently 279.15%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ABBV shares. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Citigroup increased their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Guggenheim boosted their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research 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 target for the company. Finally, Evercore ISI boosted their price objective on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $211.29.

Read Our Latest Analysis on ABBV

About AbbVie

(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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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