Envestnet Asset Management Inc. Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Envestnet Asset Management Inc. raised its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,059,568 shares of the company's stock after buying an additional 95,756 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.29% of AbbVie worth $1,060,081,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of ABBV. EnRich Financial Partners LLC increased its stake in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after purchasing an additional 110 shares during the period. Prudent Man Investment Management Inc. purchased a new position in shares of AbbVie during the fourth quarter worth about $32,000. Siemens Fonds Invest GmbH increased its position in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after acquiring an additional 119,141 shares during the period. Pinney & Scofield Inc. purchased a new stake in AbbVie during the 4th quarter valued at approximately $36,000. Finally, Redwood Park Advisors LLC acquired a new stake in AbbVie during the 4th quarter worth approximately $40,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Trading Down 1.0%

Shares of NYSE ABBV traded down $1.84 during midday trading on Monday, reaching $187.44. 10,162,022 shares of the stock were exchanged, compared to its average volume of 6,269,186. The stock has a 50 day moving average price of $187.37 and a 200-day moving average price of $188.68. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $331.09 billion, a P/E ratio of 79.76, a P/E/G ratio of 1.26 and a beta of 0.48. 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 released its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping 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 firm had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. During the same period in the previous year, the company earned $2.31 EPS. AbbVie's revenue for the quarter was up 8.4% on a year-over-year basis. Equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced 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 is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.50%. AbbVie's dividend payout ratio is presently 279.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ABBV shares. Guggenheim upped their price target on AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Evercore ISI lifted their target price on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Cantor Fitzgerald assumed coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target on the stock. Finally, Morgan Stanley raised their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $211.29.

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.