First Horizon Advisors Inc. Has $32.48 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

First Horizon Advisors Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 13.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 155,030 shares of the company's stock after selling 23,439 shares during the quarter. First Horizon Advisors Inc.'s holdings in AbbVie were worth $32,482,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Norges Bank acquired a new position in shares of AbbVie during the 4th quarter worth approximately $4,459,385,000. GAMMA Investing LLC boosted its holdings in AbbVie by 25,841.6% in the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after purchasing an additional 10,195,284 shares during the last quarter. Raymond James Financial Inc. acquired a new position in AbbVie in the fourth quarter worth about $1,190,951,000. FMR LLC increased its stake in AbbVie by 32.8% during the fourth quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after purchasing an additional 4,466,971 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of AbbVie by 24.3% in the 4th quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company's stock worth $3,064,773,000 after purchasing an additional 3,373,156 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.7%

Shares of NYSE:ABBV traded down $1.25 during midday trading on Friday, reaching $189.50. The company had a trading volume of 3,706,217 shares, compared to its average volume of 6,248,905. The stock has a market cap of $334.73 billion, a PE ratio of 80.64, a P/E/G ratio of 1.27 and a beta of 0.48. AbbVie Inc. has a 1-year low of $163.63 and a 1-year high of $218.66. The business's 50 day moving average price is $187.30 and its 200 day moving average price is $188.36. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.31 earnings per share. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ABBV shares. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. 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 report on Monday, April 28th. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Guggenheim raised their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Citigroup boosted their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.