Waycross Partners LLC lifted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 16.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 157,286 shares of the company's stock after buying an additional 22,282 shares during the quarter. AbbVie comprises 3.7% of Waycross Partners LLC's portfolio, making the stock its 8th biggest holding. Waycross Partners LLC's holdings in AbbVie were worth $32,955,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the stock. Chicago Partners Investment Group LLC boosted its stake in shares of AbbVie by 11.3% in the 1st quarter. Chicago Partners Investment Group LLC now owns 38,842 shares of the company's stock valued at $8,138,000 after purchasing an additional 3,952 shares during the last quarter. Commonwealth Financial Services LLC increased its position in shares of AbbVie by 7.2% in the 1st quarter. Commonwealth Financial Services LLC now owns 6,227 shares of the company's stock valued at $1,305,000 after buying an additional 419 shares in the last quarter. ASR Vermogensbeheer N.V. acquired a new stake in shares of AbbVie during the first quarter worth about $38,050,000. Cornerstone Advisors LLC raised its holdings in AbbVie by 5.1% during the 1st quarter. Cornerstone Advisors LLC now owns 86,400 shares of the company's stock worth $18,103,000 after buying an additional 4,200 shares during the period. Finally, Hemington Wealth Management lifted its position in AbbVie by 7.2% in the 1st quarter. Hemington Wealth Management now owns 2,718 shares of the company's stock valued at $569,000 after acquiring an additional 182 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.25% of the company's stock.
AbbVie Price Performance
ABBV stock traded down $0.76 during midday trading on Friday, reaching $198.10. 4,101,321 shares of the stock were exchanged, compared to its average volume of 5,210,216. The company has a fifty day moving average price of $189.65 and a 200 day moving average price of $191.06. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.64. The stock has a market capitalization of $349.96 billion, a PE ratio of 94.33, a P/E/G ratio of 1.28 and a beta of 0.50.
AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the business earned $2.65 earnings per share. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.
AbbVie Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's payout ratio is 312.38%.
Wall Street Analyst Weigh In
ABBV has been the subject of a number of recent research reports. BNP Paribas raised AbbVie to a "hold" rating in a research report on Thursday, May 8th. Bank of America boosted their price target on AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Raymond James Financial raised their target price on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Morgan Stanley lifted their price target on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $214.43.
View Our Latest Research Report on AbbVie
AbbVie Company Profile
(
Free Report)
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.
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