Prudent Investors Network Inc. Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Key Points

• Prudent Investors Network Inc. reduced its holdings in AbbVie Inc. by 41.3% in the 1st quarter, now owning 3,480 shares valued at approximately $729,000.
• Analysts have generally rated AbbVie as a "Moderate Buy," with a consensus target price of $211.29 and several firms increasing their price objectives recently.
• AbbVie announced a quarterly dividend of $1.64 per share, with a dividend yield of 3.44%, which will be paid to stockholders on August 15th.

Prudent Investors Network Inc. trimmed its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 41.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,480 shares of the company's stock after selling 2,450 shares during the period. AbbVie makes up approximately 0.2% of Prudent Investors Network Inc.'s investment portfolio, making the stock its 27th largest position. Prudent Investors Network Inc.'s holdings in AbbVie were worth $729,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. EnRich Financial Partners LLC raised its holdings in AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after buying an additional 110 shares during the last quarter. Abound Financial LLC bought a new position in AbbVie in the 1st quarter valued at approximately $30,000. Prudent Man Investment Management Inc. bought a new position in AbbVie in the 4th quarter valued at approximately $32,000. Siemens Fonds Invest GmbH raised its holdings in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares during the last quarter. Finally, Cypress Capital Management LLC WY bought a new position in AbbVie in the 1st quarter valued at approximately $35,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ABBV. Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price for the company. BNP Paribas raised shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Morgan Stanley increased their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. The Goldman Sachs Group reissued a "neutral" rating and set a $194.00 target price on shares of AbbVie in a research report on Tuesday, April 8th. Finally, Bank of America increased their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Eight equities 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Price Performance

ABBV traded up $3.68 during midday trading on Tuesday, hitting $192.20. The stock had a trading volume of 2,865,193 shares, compared to its average volume of 6,829,496. The company has a market cap of $339.50 billion, a P/E ratio of 81.85, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48. The business has a fifty day moving average of $187.68 and a 200 day moving average of $189.94. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its 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. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. AbbVie's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.31 earnings per share. As a group, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal 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 paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

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.