Orion Portfolio Solutions LLC trimmed its position in AbbVie Inc. (NYSE:ABBV – Get Rating) by 6.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,091 shares of the company’s stock after selling 1,438 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in AbbVie were worth $3,581,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sawgrass Asset Management LLC bought a new position in shares of AbbVie in the 1st quarter valued at about $35,882,000. Golden State Equity Partners boosted its stake in AbbVie by 17.5% in the first quarter. Golden State Equity Partners now owns 6,864 shares of the company’s stock valued at $1,113,000 after acquiring an additional 1,024 shares during the last quarter. Range Financial Group LLC acquired a new stake in AbbVie during the 1st quarter worth $4,841,000. IFG Advisors LLC raised its position in shares of AbbVie by 88.3% during the 1st quarter. IFG Advisors LLC now owns 5,317 shares of the company’s stock valued at $862,000 after acquiring an additional 2,493 shares during the last quarter. Finally, Wealthfront Advisers LLC lifted its stake in shares of AbbVie by 10.2% in the 1st quarter. Wealthfront Advisers LLC now owns 141,058 shares of the company’s stock valued at $22,867,000 after purchasing an additional 13,043 shares during the period. 68.25% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on the company. Barclays dropped their price objective on AbbVie to $160.00 in a report on Tuesday, August 9th. Morgan Stanley decreased their price objective on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating for the company in a report on Monday, August 1st. Argus reduced their price target on shares of AbbVie from $165.00 to $155.00 and set a “buy” rating on the stock in a research report on Wednesday, August 24th. UBS Group lowered their price objective on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating for the company in a research report on Monday, August 1st. Finally, Piper Sandler reduced their target price on AbbVie from $160.00 to $155.00 in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $159.35.
AbbVie Trading Up 0.7 %
AbbVie (NYSE:ABBV – Get Rating) last issued its quarterly earnings results on Friday, July 29th. The company reported $3.51 EPS for the quarter, beating the consensus estimate of $3.42 by $0.09. The firm had revenue of $14.58 billion during the quarter, compared to analysts’ expectations of $14.64 billion. AbbVie had a return on equity of 158.41% and a net margin of 22.03%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.11 earnings per share. On average, equities analysts forecast that AbbVie Inc. will post 14.05 EPS for the current fiscal year.
AbbVie Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend is Thursday, October 13th. AbbVie’s dividend payout ratio is currently 79.89%.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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