Granite Group Advisors LLC Has $818,000 Stake in AbbVie Inc. (NYSE:ABBV)

Granite Group Advisors LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 51.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,904 shares of the company's stock after selling 4,203 shares during the period. AbbVie comprises 0.6% of Granite Group Advisors LLC's investment portfolio, making the stock its 29th biggest holding. Granite Group Advisors LLC's holdings in AbbVie were worth $818,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Quantbot Technologies LP lifted its position in AbbVie by 35.8% during the fourth quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock worth $186,000 after buying an additional 276 shares during the period. Hillsdale Investment Management Inc. grew its holdings in AbbVie by 9.6% in the fourth quarter. Hillsdale Investment Management Inc. now owns 2,628 shares of the company's stock valued at $467,000 after purchasing an additional 230 shares during the period. Finally, CoreFirst Bank & Trust purchased a new position in shares of AbbVie in the 4th quarter worth $717,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Trading Up 0.2%

AbbVie stock traded up $0.30 during mid-day trading on Thursday, hitting $190.85. The stock had a trading volume of 3,457,672 shares, compared to its average volume of 6,902,547. The stock has a 50-day simple moving average of $187.31 and a two-hundred day simple moving average of $189.55. 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 stock has a market capitalization of $337.12 billion, a PE ratio of 81.21, a P/E/G ratio of 1.24 and a beta of 0.48. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping 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 firm's revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.31 EPS. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is 279.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Morgan Stanley boosted their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Citigroup upped their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Guggenheim raised their target price on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Eight investment 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

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.