Private Advisor Group LLC Sells 208,443 Shares of AbbVie Inc. (NYSE:ABBV)

Private Advisor Group LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 43.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 268,894 shares of the company's stock after selling 208,443 shares during the period. Private Advisor Group LLC's holdings in AbbVie were worth $56,339,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of AbbVie in the 4th quarter valued at $4,459,385,000. GAMMA Investing LLC boosted its stake in AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. FMR LLC boosted its stake in AbbVie by 32.8% in the 4th quarter. FMR LLC now owns 18,097,375 shares of the company's stock worth $3,215,903,000 after purchasing an additional 4,466,971 shares during the period. Franklin Resources Inc. boosted its stake in AbbVie by 24.3% in the 4th quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company's stock worth $3,064,773,000 after purchasing an additional 3,373,156 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of AbbVie by 11.8% during the 4th quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock worth $3,878,236,000 after buying an additional 2,299,645 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on ABBV. Evercore ISI increased their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Citigroup increased their price target on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. The Goldman Sachs Group reissued a "neutral" rating and issued a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Finally, Guggenheim raised their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $211.29.

AbbVie Stock Down 1.1%

ABBV traded down $2.14 during midday trading on Friday, hitting $189.26. The company had a trading volume of 5,331,983 shares, compared to its average volume of 6,318,509. The company has a market capitalization of $334.31 billion, a price-to-earnings ratio of 80.54, a PEG ratio of 1.27 and a beta of 0.48. The stock's 50 day moving average price is $187.17 and its 200 day moving average price is $189.38. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business's revenue was up 8.4% on a year-over-year basis. During the same period last year, the company earned $2.31 earnings per share. On average, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's payout ratio is 279.15%.

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.