Donoghue Forlines LLC Increases Stock Position in AbbVie Inc. (NYSE:ABBV)

Donoghue Forlines LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 93.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 17,484 shares of the company's stock after buying an additional 8,462 shares during the period. AbbVie makes up about 1.2% of Donoghue Forlines LLC's investment portfolio, making the stock its 12th largest position. Donoghue Forlines LLC's holdings in AbbVie were worth $3,663,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT bought a new position in shares of AbbVie in the first quarter valued at approximately $12,851,000. Townsquare Capital LLC raised its position in AbbVie by 17.1% in the first quarter. Townsquare Capital LLC now owns 185,049 shares of the company's stock worth $38,771,000 after acquiring an additional 26,989 shares in the last quarter. Founders Financial Alliance LLC lifted its holdings in AbbVie by 1.5% in the 1st quarter. Founders Financial Alliance LLC now owns 18,302 shares of the company's stock valued at $3,835,000 after acquiring an additional 272 shares during the last quarter. Summit Financial Strategies Inc. grew its stake in shares of AbbVie by 1.8% in the 1st quarter. Summit Financial Strategies Inc. now owns 9,629 shares of the company's stock worth $2,017,000 after purchasing an additional 172 shares during the last quarter. Finally, Savvy Advisors Inc. lifted its stake in AbbVie by 14.1% during the first quarter. Savvy Advisors Inc. now owns 20,236 shares of the company's stock valued at $4,240,000 after purchasing an additional 2,508 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $198.10 on Friday. The firm's fifty day moving average is $189.65 and its 200-day moving average is $191.06. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. The firm has a market cap of $349.96 billion, a PE ratio of 94.33, a price-to-earnings-growth ratio of 1.28 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.65 EPS. Sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.3%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ABBV shares. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a report on Thursday. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday. Citigroup increased their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Finally, Evercore ISI raised their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $214.43.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.25% of the company's stock.

About AbbVie

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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