VCI Wealth Management LLC Acquires New Shares in AbbVie Inc. (NYSE:ABBV)

VCI Wealth Management LLC purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 7,614 shares of the company's stock, valued at approximately $1,595,000.

Other institutional investors also recently added to or reduced their stakes in the company. EnRich Financial Partners LLC increased its position in shares of AbbVie by 196.4% during the fourth 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 period. Abound Financial LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $30,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $32,000. Siemens Fonds Invest GmbH increased its position in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after purchasing an additional 119,141 shares during the period. Finally, Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the first quarter valued at approximately $35,000. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Down 0.8%

Shares of ABBV traded down $1.52 during trading hours on Friday, hitting $189.31. 1,287,687 shares of the stock traded hands, compared to its average volume of 6,862,037. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The firm has a market capitalization of $334.40 billion, a PE ratio of 80.56, a price-to-earnings-growth ratio of 1.26 and a beta of 0.48. The business has a fifty day moving average of $187.50 and a 200-day moving average of $189.62.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly 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 for the quarter, compared to analyst estimates of $12.91 billion. During the same quarter in the prior year, the firm posted $2.31 earnings per share. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Analyst Ratings Changes

ABBV has been the topic of a number of research reports. BNP Paribas upgraded AbbVie to a "hold" rating in a research report on Thursday, May 8th. Morgan Stanley boosted their price objective on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Citigroup boosted their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Guggenheim upped their price target on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Cantor Fitzgerald initiated coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target on the stock. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $211.29.

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.