AbbVie Inc. (NYSE:ABBV) Shares Sold by MainStreet Investment Advisors LLC

MainStreet Investment Advisors LLC trimmed its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,072 shares of the company's stock after selling 3,008 shares during the period. AbbVie accounts for about 2.0% of MainStreet Investment Advisors LLC's holdings, making the stock its 11th biggest holding. MainStreet Investment Advisors LLC's holdings in AbbVie were worth $13,424,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ABBV. tru Independence LLC increased its holdings in shares of AbbVie by 4.4% in the first quarter. tru Independence LLC now owns 19,107 shares of the company's stock valued at $4,003,000 after purchasing an additional 799 shares during the last quarter. Heritage Wealth Management Inc. CA purchased a new stake in AbbVie in the 1st quarter valued at $258,000. Rogco LP increased its stake in shares of AbbVie by 1.1% in the 1st quarter. Rogco LP now owns 7,836 shares of the company's stock worth $1,642,000 after acquiring an additional 89 shares during the last quarter. Ascent Capital Management LLC purchased a new position in shares of AbbVie during the 1st quarter worth $237,000. Finally, Quotient Wealth Partners LLC boosted its position in shares of AbbVie by 9.8% during the 1st quarter. Quotient Wealth Partners LLC now owns 7,884 shares of the company's stock valued at $1,652,000 after acquiring an additional 702 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Up 2.3%

NYSE ABBV traded up $4.34 on Thursday, hitting $194.96. 6,044,962 shares of the stock were exchanged, compared to its average volume of 6,297,739. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The company has a 50-day moving average price of $187.10 and a 200-day moving average price of $188.78. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The company has a market cap of $344.38 billion, a PE ratio of 18.56, a PEG ratio of 1.29 and a beta of 0.48.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $2.46 EPS 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 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 previous year, the firm posted $2.31 earnings per share. The company's revenue was up 8.4% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared 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. 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 3.36%. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Analyst Ratings Changes

ABBV has been the subject of several recent analyst reports. Morgan Stanley raised their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Guggenheim increased their price objective on AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Finally, Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $211.29.

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.