FORM Wealth Advisors LLC Invests $1.89 Million in AbbVie Inc. (NYSE:ABBV)

FORM Wealth Advisors LLC acquired a new position in AbbVie Inc. (NYSE:ABBV - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 9,009 shares of the company's stock, valued at approximately $1,888,000. AbbVie makes up approximately 0.3% of FORM Wealth Advisors LLC's portfolio, making the stock its 21st largest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of AbbVie by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock worth $30,754,908,000 after purchasing an additional 1,424,237 shares during the period. Geode Capital Management LLC grew its holdings in shares of AbbVie by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock worth $6,586,948,000 after purchasing an additional 983,888 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of AbbVie by 2.3% during the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after purchasing an additional 778,126 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock worth $4,875,401,000 after purchasing an additional 3,599,336 shares in the last quarter. Finally, Norges Bank bought a new stake in AbbVie in the 4th quarter worth approximately $4,459,385,000. 70.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Wells Fargo & Company boosted their target price on AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Citigroup upped their price target on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price on the stock. Finally, Bank of America upped their price target on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

AbbVie Stock Down 0.7%

Shares of ABBV opened at $183.92 on Tuesday. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66. The business's 50 day moving average is $185.28 and its 200 day moving average is $187.84. The company has a market capitalization of $324.88 billion, a PE ratio of 78.26, a price-to-earnings-growth ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The company's revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.31 EPS. Research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Insider Buying and Selling at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now directly owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.08% of the stock is currently owned by corporate insiders.

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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