Wedmont Private Capital raised its position in AbbVie Inc. (NYSE:ABBV – Get Rating) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,497 shares of the company’s stock after acquiring an additional 356 shares during the quarter. Wedmont Private Capital’s holdings in AbbVie were worth $1,761,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Castle Financial & Retirement Planning Associates Inc. purchased a new position in shares of AbbVie during the 4th quarter valued at approximately $25,000. Intelligent Financial Strategies purchased a new position in shares of AbbVie during the 4th quarter valued at approximately $27,000. Psagot Value Holdings Ltd. Israel boosted its stake in shares of AbbVie by 311.3% during the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 4,360 shares of the company’s stock valued at $28,000 after buying an additional 3,300 shares during the last quarter. GoalVest Advisory LLC purchased a new position in shares of AbbVie during the 1st quarter valued at approximately $33,000. Finally, Joseph P. Lucia & Associates LLC purchased a new position in shares of AbbVie during the 1st quarter valued at approximately $34,000. Institutional investors and hedge funds own 68.25% of the company’s stock.
Analyst Ratings Changes
ABBV has been the subject of several research analyst reports. Atlantic Securities reduced their target price on AbbVie from $178.00 to $162.00 and set a “neutral” rating for the company in a research note on Monday, August 1st. Barclays reduced their price objective on AbbVie to $160.00 in a research note on Tuesday, August 9th. UBS Group reduced their price objective on AbbVie from $154.00 to $146.00 and set a “neutral” rating on the stock in a research note on Monday, August 1st. SVB Leerink began coverage on AbbVie in a research note on Monday, May 23rd. They set an “underperform” rating and a $140.00 price objective on the stock. Finally, Piper Sandler reduced their price objective on AbbVie from $160.00 to $155.00 in a research note on Friday, July 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $159.35.
AbbVie Stock Performance
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 analysts’ consensus estimates of $3.42 by $0.09. The company had revenue of $14.58 billion for the quarter, compared to analyst estimates of $14.64 billion. AbbVie had a return on equity of 158.41% and a net margin of 22.03%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period last year, the company earned $3.11 earnings per share. On average, research analysts predict that AbbVie Inc. will post 14.05 EPS for the current year.
AbbVie Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be issued a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend is Thursday, October 13th. AbbVie’s dividend payout ratio (DPR) is 79.89%.
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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