AbbVie Inc. (NYSE:ABBV) Position Reduced by Sutton Place Investors LLC

Sutton Place Investors LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 57.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,084 shares of the company's stock after selling 1,483 shares during the quarter. Sutton Place Investors LLC's holdings in AbbVie were worth $227,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EnRich Financial Partners LLC raised its stake 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 purchasing an additional 110 shares during the last quarter. Promus Capital LLC acquired a new position in AbbVie in the 4th quarter valued at about $30,000. Prudent Man Investment Management Inc. acquired a new position in AbbVie in the 4th quarter valued at about $32,000. Pinney & Scofield Inc. purchased a new stake in AbbVie in the 4th quarter valued at about $36,000. Finally, Inlight Wealth Management LLC purchased a new stake in AbbVie in the 1st quarter valued at about $42,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on ABBV. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Morgan Stanley lifted their price target on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Guggenheim lifted their price target on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Citigroup lifted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Finally, Cantor Fitzgerald began coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

AbbVie Stock Down 0.7%

Shares of ABBV stock traded down $1.25 on Friday, hitting $189.50. The stock had a trading volume of 3,706,217 shares, compared to its average volume of 6,249,990. The firm has a market capitalization of $334.73 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 1.26 and a beta of 0.48. The stock's 50 day moving average is $187.37 and its 200-day moving average is $188.46. 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 52-week low of $163.81 and a 52-week 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 for the quarter, beating the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.31 earnings per share. As a group, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.46%. AbbVie's dividend payout ratio (DPR) is presently 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.