GSA Capital Partners LLP Increases Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• GSA Capital Partners LLP increased its stake in AbbVie Inc. by 215.9%, acquiring an additional 6,050 shares, resulting in total holdings of 8,852 shares valued at approximately $1.86 million.
• AbbVie reported a quarterly EPS of $2.46, surpassing the consensus estimate of $2.40, alongside a revenue of $13.34 billion, which is an 8.4% year-over-year increase.
• The company declared a quarterly dividend of $1.64 per share with a dividend yield of 3.48%, set to be paid on August 15th.

GSA Capital Partners LLP boosted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 215.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,852 shares of the company's stock after buying an additional 6,050 shares during the period. GSA Capital Partners LLP's holdings in AbbVie were worth $1,855,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Federated Hermes Inc. raised its stake in AbbVie by 27.9% during the first quarter. Federated Hermes Inc. now owns 3,283,390 shares of the company's stock valued at $687,936,000 after buying an additional 716,468 shares during the last quarter. Geneos Wealth Management Inc. grew its position in AbbVie by 53.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 48,967 shares of the company's stock valued at $10,260,000 after purchasing an additional 17,058 shares during the last quarter. Cozad Asset Management Inc. grew its position in AbbVie by 1.0% during the 1st quarter. Cozad Asset Management Inc. now owns 18,297 shares of the company's stock valued at $3,833,000 after purchasing an additional 177 shares during the last quarter. N.E.W. Advisory Services LLC grew its position in AbbVie by 21.7% during the 1st quarter. N.E.W. Advisory Services LLC now owns 3,499 shares of the company's stock valued at $733,000 after purchasing an additional 623 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in AbbVie by 348.0% during the 1st quarter. Meeder Asset Management Inc. now owns 50,947 shares of the company's stock valued at $10,674,000 after purchasing an additional 39,576 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on ABBV. Raymond James Financial lifted their price objective on AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a report on Friday. Bank of America lifted their price objective on AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Cantor Fitzgerald began coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective for the company. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Guggenheim upped their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $212.81.

AbbVie Stock Performance

Shares of NYSE ABBV traded up $6.48 during midday trading on Friday, reaching $195.50. The company had a trading volume of 5,252,795 shares, compared to its average volume of 6,853,923. The business's 50-day simple moving average is $188.10 and its 200 day simple moving average is $190.04. The stock has a market cap of $345.33 billion, a P/E ratio of 83.82, a P/E/G ratio of 1.25 and a beta of 0.48. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. 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 (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (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 analysts' expectations of $14.93 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.65 EPS. On average, analysts forecast 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. Investors of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio is currently 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.