Red Door Wealth Management LLC Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Red Door Wealth Management LLC grew its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 10.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,395 shares of the company's stock after purchasing an additional 3,809 shares during the period. AbbVie comprises about 1.2% of Red Door Wealth Management LLC's portfolio, making the stock its 24th largest position. Red Door Wealth Management LLC's holdings in AbbVie were worth $8,254,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock worth $30,754,908,000 after acquiring an additional 1,424,237 shares during the period. Geode Capital Management LLC increased its holdings in shares of AbbVie by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock worth $6,586,948,000 after purchasing an additional 983,888 shares during the period. Capital Research Global Investors grew its position in AbbVie by 2.3% during the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after buying an additional 778,126 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock worth $4,875,401,000 after buying an additional 3,599,336 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of AbbVie in the 4th quarter valued at about $4,459,385,000. 70.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ABBV shares. Morgan Stanley boosted their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Citigroup raised their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Finally, Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. 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 company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $211.29.

AbbVie Trading Up 0.6%

Shares of ABBV traded up $1.19 during midday trading on Wednesday, hitting $191.18. The stock had a trading volume of 2,112,972 shares, compared to its average volume of 6,237,232. The stock's 50 day moving average is $186.85 and its 200 day moving average is $188.22. The firm has a market cap of $337.69 billion, a PE ratio of 81.39, a price-to-earnings-growth ratio of 1.23 and a beta of 0.48. 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 1 year low of $163.52 and a 1 year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $12.91 billion. During the same quarter in the previous year, the business earned $2.31 earnings per share. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced 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 dividend yield of 3.43%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is 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.