Wealthspire Advisors LLC Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Wealthspire Advisors LLC reduced its stake in AbbVie Inc. by 2.7% during the 1st quarter, owning 53,742 shares valued at approximately $11.26 million.
• AbbVie recently reported earnings of $2.97 EPS for the quarter, missing the consensus estimate, though revenue reached $15.42 billion, exceeding expectations.
• The company declared a quarterly dividend of $1.64 per share with a yield of 3.3%, scheduled for payment on August 15th.

Wealthspire Advisors LLC lowered its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,742 shares of the company's stock after selling 1,473 shares during the quarter. Wealthspire Advisors LLC's holdings in AbbVie were worth $11,260,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its position in AbbVie by 2.3% in the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after acquiring an additional 778,126 shares during the period. Northern Trust Corp raised its position in shares of AbbVie by 11.8% during the 4th quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock valued at $3,878,236,000 after purchasing an additional 2,299,645 shares during the period. Capital World Investors raised its position in shares of AbbVie by 6.2% during the 4th quarter. Capital World Investors now owns 16,410,277 shares of the company's stock valued at $2,915,990,000 after purchasing an additional 959,242 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of AbbVie by 18.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company's stock valued at $2,142,832,000 after purchasing an additional 1,882,780 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of ABBV opened at $197.05 on Tuesday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The stock has a fifty day moving average price of $188.60 and a 200-day moving average price of $190.60. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The firm has a market cap of $348.07 billion, a PE ratio of 93.83, a P/E/G ratio of 1.27 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 518.10%. The business had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the prior year, the company posted $2.65 EPS. The business's revenue for the quarter was up 6.6% on a year-over-year basis. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.3%. AbbVie's dividend payout ratio is 312.38%.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Citigroup raised their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Evercore ISI lifted their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Bank of America lifted their price target on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and an average price target of $212.81.

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.

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