Grove Street Fiduciary LLC Invests $576,000 in AbbVie Inc. (NYSE:ABBV)

Grove Street Fiduciary LLC purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,749 shares of the company's stock, valued at approximately $576,000.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. BNP Paribas raised shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. The Goldman Sachs Group restated a "neutral" rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Morgan Stanley raised their target price on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Evercore ISI raised their target price on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Trading Down 0.3%

NYSE ABBV traded down $0.61 during trading hours on Friday, hitting $190.22. The company's stock had a trading volume of 3,786,155 shares, compared to its average volume of 6,461,288. The stock has a fifty day moving average of $187.62 and a 200 day moving average of $189.70. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The firm has a market capitalization of $336.00 billion, a P/E ratio of 80.94, a PEG ratio of 1.27 and a beta of 0.48. 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 earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter in the prior year, the firm earned $2.31 earnings per share. The business's quarterly revenue was up 8.4% on a year-over-year basis. Equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders 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 3.45%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is 279.15%.

AbbVie 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.