Hourglass Capital LLC lowered its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,888 shares of the company's stock after selling 2,770 shares during the period. AbbVie makes up approximately 1.8% of Hourglass Capital LLC's investment portfolio, making the stock its 18th biggest position. Hourglass Capital LLC's holdings in AbbVie were worth $6,891,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in AbbVie by 17.4% in the fourth 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 last quarter. Revolve Wealth Partners LLC lifted its stake in AbbVie by 72.7% in the fourth 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 last quarter. Proficio Capital Partners LLC lifted its stake in AbbVie by 50.8% in the fourth quarter. Proficio Capital Partners LLC now owns 6,622 shares of the company's stock worth $1,177,000 after purchasing an additional 2,230 shares during the last quarter. OFI Invest Asset Management bought a new stake in AbbVie in the fourth quarter worth about $1,609,000. Finally, Daiwa Securities Group Inc. lifted its stake in AbbVie by 12.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 252,759 shares of the company's stock worth $44,915,000 after purchasing an additional 27,937 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.
Wall Street Analyst Weigh In
ABBV has been the subject of several analyst reports. Guggenheim raised their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Finally, Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $211.29.
Get Our Latest Report on AbbVie
AbbVie Stock Performance
NYSE ABBV traded up $1.97 on Tuesday, reaching $189.60. 5,523,941 shares of the company's stock traded hands, compared to its average volume of 6,272,525. The firm has a market cap of $334.91 billion, a price-to-earnings ratio of 80.68, a P/E/G ratio of 1.26 and a beta of 0.48. The stock has a 50 day moving average price of $187.27 and a 200-day moving average price of $188.76. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. 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 (NYSE:ABBV - Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. The company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm's quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.31 earnings per share. Equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.
AbbVie Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.46%. AbbVie's dividend payout ratio is presently 279.15%.
AbbVie Company Profile
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Free Report)
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.
Further Reading
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