Geneos Wealth Management Inc. Buys 17,058 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• Geneos Wealth Management Inc. increased its stake in AbbVie Inc. by 53.5%, bringing its total holdings to approximately $10.26 million with nearly 49,000 shares as of the latest SEC filing.
• AbbVie reported a quarterly EPS of $2.46, exceeding analysts' expectations of $2.40, with revenues reaching $13.34 billion, up 8.4% year-over-year.
• The company announced a quarterly dividend of $1.64 per share, representing an annual yield of 3.48%, with a dividend payout ratio of 279.15%.

Geneos Wealth Management Inc. lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 53.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,967 shares of the company's stock after acquiring an additional 17,058 shares during the quarter. Geneos Wealth Management Inc.'s holdings in AbbVie were worth $10,260,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. EnRich Financial Partners LLC increased its holdings in AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after buying an additional 110 shares in the last quarter. Abound Financial LLC bought a new stake in AbbVie in the 1st quarter worth about $30,000. Prudent Man Investment Management Inc. bought a new stake in AbbVie in the 4th quarter worth about $32,000. Siemens Fonds Invest GmbH increased its holdings in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares in the last quarter. Finally, Cypress Capital Management LLC WY bought a new stake in AbbVie in the 1st quarter worth about $35,000. Institutional investors own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of analyst reports. Raymond James Financial lifted their target price on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research note on Friday. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Citigroup lifted their target price on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Cantor Fitzgerald began coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target on the stock. Finally, Bank of America boosted their price target on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $212.81.

AbbVie Stock Performance

Shares of ABBV stock traded up $7.48 during trading hours on Friday, reaching $196.50. 4,788,396 shares of the company's stock were exchanged, compared to its average volume of 6,852,607. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The stock has a market capitalization of $347.09 billion, a P/E ratio of 83.52, a P/E/G ratio of 1.25 and a beta of 0.48. The business has a fifty day moving average price of $188.10 and a 200-day moving average price of $190.04. 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 issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates 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 412.03% and a net margin of 7.31%. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.65 earnings per share. Analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced 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 dividend yield of 3.3%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is presently 279.15%.

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.