FPC Investment Advisory Inc. Increases Holdings in AbbVie Inc. (NYSE:ABBV)

Key Points

• FPC Investment Advisory Inc. significantly increased its stake in AbbVie Inc. by 1,777.1%, acquiring an additional 2,097 shares, bringing their total holdings to 2,215 shares valued at approximately $434,000.
• AbbVie recently announced a quarterly dividend of $1.64 per share, with a yield of 3.45%, and a dividend payout ratio of 279.15%.
• The stock has a market capitalization of $336 billion and a consensus price target of $211.29 among analysts, reflecting a generally positive outlook with 17 buy ratings and 3 strong buy ratings.

FPC Investment Advisory Inc. grew its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1,777.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,215 shares of the company's stock after buying an additional 2,097 shares during the period. AbbVie accounts for 0.3% of FPC Investment Advisory Inc.'s portfolio, making the stock its 19th biggest holding. FPC Investment Advisory Inc.'s holdings in AbbVie were worth $434,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in ABBV. Steel Grove Capital Advisors LLC grew its position in AbbVie by 1.7% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after acquiring an additional 52 shares during the last quarter. Peninsula Wealth LLC lifted its stake in shares of AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock worth $242,000 after purchasing an additional 54 shares during the last quarter. Connecticut Wealth Management LLC lifted its stake in shares of AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after purchasing an additional 57 shares during the last quarter. Castle Wealth Management LLC increased its position in AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after buying an additional 57 shares in the last quarter. Finally, Northstar Group Inc. increased its position in AbbVie by 0.7% during the 1st quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock valued at $1,783,000 after buying an additional 58 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ABBV. Bank of America upped their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Morgan Stanley upped their target price on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. The Goldman Sachs Group reissued a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Cantor Fitzgerald initiated coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. Finally, BNP Paribas raised AbbVie to a "hold" rating in a report on Thursday, May 8th. 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 stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Price Performance

Shares of NYSE ABBV traded down $0.53 during midday trading on Monday, hitting $189.75. The stock had a trading volume of 924,378 shares, compared to its average volume of 6,837,420. The company has a market capitalization of $335.18 billion, a PE ratio of 80.64, a P/E/G ratio of 1.25 and a beta of 0.48. The stock has a 50 day simple moving average of $187.62 and a 200-day simple moving average of $189.85. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. 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 released its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate 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 business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.31 earnings per share. On average, sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given 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 3.46%. AbbVie's payout ratio is 279.15%.

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.