ProVise Management Group LLC Sells 1,786 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• ProVise Management Group LLC reduced its stake in AbbVie Inc. by 14.4%, holding 10,587 shares valued at $2,218,000 after selling 1,786 shares during the first quarter.
• The company recently reported quarterly earnings of $2.97 per share, which was below analyst estimates of $3.24, although revenue of $15.42 billion exceeded expectations.
• AbbVie declared a quarterly dividend of $1.64, with a yield of 3.5%, and a dividend payout ratio of 279.15%.

ProVise Management Group LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,587 shares of the company's stock after selling 1,786 shares during the period. ProVise Management Group LLC's holdings in AbbVie were worth $2,218,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Steel Grove Capital Advisors LLC increased its holdings in shares of AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after buying an additional 52 shares in the last quarter. Peninsula Wealth LLC increased its holdings in shares of AbbVie by 4.1% during the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock worth $242,000 after buying an additional 54 shares in the last quarter. Private Management Group Inc. increased its holdings in shares of AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after buying an additional 54 shares in the last quarter. Connecticut Wealth Management LLC increased its holdings 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 worth $660,000 after buying an additional 57 shares in the last quarter. Finally, Castle Wealth Management LLC increased its holdings 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 worth $361,000 after buying an additional 57 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ABBV shares. Citigroup upped their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Raymond James Financial increased their price objective on AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a report on Friday. Morgan Stanley increased their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Eight research 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 company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $212.81.

AbbVie Stock Up 3.3%

Shares of ABBV stock traded up $6.15 on Friday, reaching $195.17. 8,081,230 shares of the company were exchanged, compared to its average volume of 5,440,562. The company has a market cap of $344.75 billion, a price-to-earnings ratio of 92.94, a PEG ratio of 1.25 and a beta of 0.50. The company has a 50-day moving average of $188.33 and a 200-day moving average of $190.17. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. 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). The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 518.10% and a net margin of 6.45%. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $2.65 EPS. Analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend 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.