Dearborn Partners LLC Cuts Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Dearborn Partners LLC reduced its stake in AbbVie by 18.8%, selling 39,882 shares and now owning 172,260 shares, which comprise 1.7% of its total holdings.
• AbbVie announced a quarterly dividend of $1.64 per share with a payout ratio of 279.15%, to be distributed on August 15th.
• AbbVie’s stock price increased by 1.5%, currently priced at $191.29, while its market capitalization stands at $337.90 billion.

Dearborn Partners LLC lessened its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 18.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 172,260 shares of the company's stock after selling 39,882 shares during the quarter. AbbVie makes up about 1.7% of Dearborn Partners LLC's portfolio, making the stock its 15th biggest holding. Dearborn Partners LLC's holdings in AbbVie were worth $36,092,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. Abound Financial LLC acquired a new stake in AbbVie during the 1st quarter worth $30,000. EnRich Financial Partners LLC boosted its stake in AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the 1st quarter worth $35,000. Pinney & Scofield Inc. acquired a new stake in AbbVie during the 4th quarter worth $36,000. Finally, Inlight Wealth Management LLC acquired a new stake in AbbVie during the 1st quarter worth $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Trading Up 3.3%

NYSE:ABBV traded up $6.15 on Friday, reaching $195.17. 8,081,230 shares of the company's stock were exchanged, compared to its average volume of 6,877,075. 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 firm has a market capitalization of $344.75 billion, a price-to-earnings ratio of 83.05, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48. The business has a fifty day moving average of $188.10 and a 200-day moving average of $190.04. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned $2.65 earnings per share. As a group, analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm 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 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 3.4%. AbbVie's dividend payout ratio is 279.15%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target on the stock. Guggenheim boosted their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Evercore ISI boosted their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Eight 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 company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.