AbbVie Inc. (NYSE:ABBV) is Pettee Investors Inc.'s 6th Largest Position

Pettee Investors Inc. lifted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 120.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,062 shares of the company's stock after acquiring an additional 12,052 shares during the quarter. AbbVie makes up 2.8% of Pettee Investors Inc.'s holdings, making the stock its 6th biggest holding. Pettee Investors Inc.'s holdings in AbbVie were worth $4,622,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Brighton Jones LLC increased its holdings in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC grew its stake in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after purchasing an additional 3,064 shares during the period. Proficio Capital Partners LLC grew its stake in AbbVie by 50.8% in the 4th quarter. Proficio Capital Partners LLC now owns 6,622 shares of the company's stock valued at $1,177,000 after purchasing an additional 2,230 shares during the period. Horizon Investments LLC lifted its position in shares of AbbVie by 3.0% during the 4th quarter. Horizon Investments LLC now owns 21,161 shares of the company's stock valued at $3,725,000 after buying an additional 617 shares during the last quarter. Finally, Enhancing Capital LLC purchased a new position in shares of AbbVie during the 4th quarter valued at $355,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

Shares of AbbVie stock traded down $2.14 during trading on Friday, hitting $189.26. 5,331,983 shares of the stock traded hands, compared to its average volume of 6,317,072. 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 has a market cap of $334.31 billion, a price-to-earnings ratio of 80.54, a PEG ratio of 1.26 and a beta of 0.48. The firm's fifty day moving average is $187.07 and its 200-day moving average is $189.30. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period last year, the company earned $2.31 EPS. AbbVie'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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is currently 279.15%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ABBV shares. Morgan Stanley upped their price target on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Evercore ISI increased their price objective on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Citigroup increased their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. BNP Paribas raised AbbVie to a "hold" rating in a report on Thursday, May 8th. Finally, Bank of America increased their price objective on AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.