Modera Wealth Management LLC Sells 1,403 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• Modera Wealth Management LLC reduced its holdings in AbbVie Inc. by 1.8%, selling 1,403 shares to now own 74,939 shares valued at approximately $15.7 million.
• AbbVie recently declared a quarterly dividend of $1.64 per share, which will be paid to shareholders on August 15th, resulting in an annualized yield of 3.43%.
• Analysts are generally optimistic about AbbVie, with a consensus target price of $211.29 and a current average rating of "Moderate Buy" based on recent reports from several equity research firms.

Modera Wealth Management LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 74,939 shares of the company's stock after selling 1,403 shares during the period. Modera Wealth Management LLC's holdings in AbbVie were worth $15,701,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Steel Grove Capital Advisors LLC lifted its stake in AbbVie by 1.7% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after buying an additional 52 shares during the last quarter. Peninsula Wealth LLC lifted its stake in AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after buying an additional 54 shares during the last quarter. Private Management Group Inc. lifted its stake in AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after buying an additional 54 shares during the last quarter. Connecticut Wealth Management LLC raised its stake in shares of AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after purchasing an additional 57 shares in the last quarter. Finally, Castle Wealth Management LLC raised its stake in shares of AbbVie by 3.4% during the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after purchasing an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Up 3.3%

Shares of NYSE:ABBV traded up $6.15 during mid-day trading on Friday, reaching $195.17. 8,081,230 shares of the stock were exchanged, compared to its average volume of 6,877,075. 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 stock's 50 day simple moving average is $188.10 and its 200-day simple moving average is $190.04. The company has a market cap of $344.75 billion, a P/E ratio of 83.05, a P/E/G ratio of 1.25 and a beta of 0.48. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data 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). AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the business earned $2.65 earnings per share. The business's quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.4%. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ABBV shares. Raymond James Financial lifted their price objective on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research note on Friday. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Evercore ISI lifted their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Bank of America boosted their price target on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Finally, Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target on the stock. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $212.81.

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.