Jag Capital Management LLC Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

Jag Capital Management LLC reduced its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 64.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,038 shares of the company's stock after selling 1,904 shares during the period. Jag Capital Management LLC's holdings in AbbVie were worth $217,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ABBV. LaFleur & Godfrey LLC raised its holdings in AbbVie by 4.1% in the 4th quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company's stock worth $14,109,000 after acquiring an additional 3,108 shares during the last quarter. Brighton Jones LLC grew its position 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 grew its position 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. Y Intercept Hong Kong Ltd bought a new stake in AbbVie in the 4th quarter worth approximately $876,000. Finally, Whipplewood Advisors LLC bought a new stake in AbbVie in the 4th quarter worth approximately $192,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Down 2.6%

Shares of NYSE ABBV opened at $181.89 on Friday. The firm's 50-day moving average price is $186.21 and its 200-day moving average price is $187.92. 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 $321.29 billion, a price-to-earnings ratio of 77.40, a P/E/G ratio of 1.24 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period in the prior year, the company posted $2.31 EPS. The firm's revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is currently 279.15%.

Analyst Ratings Changes

ABBV has been the subject of a number of research analyst reports. Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective for the company. BNP Paribas raised shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Finally, Guggenheim boosted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and an average target price of $211.29.

Insider Buying and Selling

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

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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