HB Wealth Management LLC Acquires 18,846 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• HB Wealth Management LLC increased its holdings in AbbVie Inc. by 17.5%, owning 126,784 shares worth approximately $26.56 million after acquiring an additional 18,846 shares.
• AbbVie recently reported quarterly earnings of $2.46 per share, exceeding estimates, with revenue of $13.34 billion, up 8.4% year-over-year.
• The company declared a quarterly dividend of $1.64 per share, representing an annualized yield of 3.45%, with a high dividend payout ratio of 279.15%.

HB Wealth Management LLC increased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 17.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 126,784 shares of the company's stock after purchasing an additional 18,846 shares during the quarter. HB Wealth Management LLC's holdings in AbbVie were worth $26,564,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Marietta Investment Partners LLC raised its stake in AbbVie by 69.9% during the first quarter. Marietta Investment Partners LLC now owns 44,037 shares of the company's stock worth $9,227,000 after buying an additional 18,111 shares during the last quarter. Applied Finance Capital Management LLC raised its stake in AbbVie by 12.0% during the first quarter. Applied Finance Capital Management LLC now owns 24,621 shares of the company's stock worth $5,159,000 after buying an additional 2,632 shares during the last quarter. Angeles Wealth Management LLC raised its position in shares of AbbVie by 4.5% in the 1st quarter. Angeles Wealth Management LLC now owns 14,917 shares of the company's stock worth $3,125,000 after acquiring an additional 649 shares in the last quarter. Benedict Financial Advisors Inc. lifted its stake in shares of AbbVie by 0.4% in the 1st quarter. Benedict Financial Advisors Inc. now owns 46,018 shares of the company's stock valued at $9,642,000 after purchasing an additional 168 shares during the period. Finally, Phoenix Financial Ltd. lifted its stake in shares of AbbVie by 13.2% in the 1st quarter. Phoenix Financial Ltd. now owns 25,584 shares of the company's stock valued at $5,372,000 after purchasing an additional 2,976 shares during the period. Institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ABBV shares. The Goldman Sachs Group reissued a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Guggenheim boosted their price objective on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Morgan Stanley boosted their price objective on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Finally, Evercore ISI boosted their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Eight 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 company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Price Performance

ABBV stock opened at $190.22 on Friday. The company has a market capitalization of $336.00 billion, a P/E ratio of 80.94, a price-to-earnings-growth ratio of 1.27 and a beta of 0.48. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The business has a 50-day simple moving average of $187.62 and a two-hundred day simple moving average of $189.70.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping 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 business had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same period in the previous year, the company earned $2.31 earnings per share. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. Research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) 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.

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