Westover Capital Advisors LLC Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Key Points

• Westover Capital Advisors LLC reduced its holdings in AbbVie Inc. by 21.3%, owning a total of 8,916 shares worth approximately $1.87 million after selling 2,417 shares.
• Several large investors have made notable changes to their positions in AbbVie, including Brighton Jones LLC, which increased its stake by 17.4%, and Revolve Wealth Partners LLC, which boosted its holdings by 72.7%.
• AbbVie recently reported quarterly earnings of $2.46 EPS, surpassing estimates, and announced a quarterly dividend of $1.64 per share, with a yield of 3.44%.

Westover Capital Advisors LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 21.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,916 shares of the company's stock after selling 2,417 shares during the period. Westover Capital Advisors LLC's holdings in AbbVie were worth $1,868,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ABBV. Brighton Jones LLC lifted its position in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after purchasing an additional 3,064 shares during the period. Quantbot Technologies LP grew its holdings in AbbVie by 35.8% during the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock valued at $186,000 after purchasing an additional 276 shares in the last quarter. Murphy & Mullick Capital Management Corp acquired a new stake in AbbVie during the 4th quarter valued at $96,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in AbbVie by 9.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,848,490 shares of the company's stock worth $516,203,000 after buying an additional 242,366 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Up 0.2%

Shares of ABBV stock opened at $190.85 on Friday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The company has a market cap of $337.12 billion, a PE ratio of 81.21, a price-to-earnings-growth ratio of 1.26 and a beta of 0.48. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The business's 50 day moving average is $187.50 and its two-hundred day moving average is $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 company had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same period last year, the business posted $2.31 earnings per share. The firm's revenue was up 8.4% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio is currently 279.15%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target on the stock. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Morgan Stanley boosted their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Bank of America increased their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Finally, 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. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $211.29.

AbbVie Company 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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