Redwood Wealth Management Group LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 3.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,873 shares of the company’s stock after acquiring an additional 177 shares during the quarter. AbbVie comprises about 1.1% of Redwood Wealth Management Group LLC’s investment portfolio, making the stock its 23rd biggest holding. Redwood Wealth Management Group LLC’s holdings in AbbVie were worth $936,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in ABBV. Goepper Burkhardt LLC boosted its stake in shares of AbbVie by 1.9% during the 4th quarter. Goepper Burkhardt LLC now owns 3,506 shares of the company’s stock valued at $567,000 after buying an additional 67 shares during the period. Naviter Wealth LLC lifted its stake in shares of AbbVie by 0.9% in the 1st quarter. Naviter Wealth LLC now owns 7,378 shares of the company’s stock valued at $1,176,000 after purchasing an additional 68 shares during the last quarter. Sax Wealth Advisors LLC lifted its stake in shares of AbbVie by 0.9% in the 4th quarter. Sax Wealth Advisors LLC now owns 7,633 shares of the company’s stock valued at $1,233,000 after purchasing an additional 70 shares during the last quarter. 1900 Wealth Management LLC lifted its stake in shares of AbbVie by 2.8% in the 4th quarter. 1900 Wealth Management LLC now owns 2,631 shares of the company’s stock valued at $425,000 after purchasing an additional 71 shares during the last quarter. Finally, Syntal Capital Partners LLC lifted its stake in shares of AbbVie by 0.9% in the 3rd quarter. Syntal Capital Partners LLC now owns 7,811 shares of the company’s stock valued at $1,048,000 after purchasing an additional 72 shares during the last quarter. Institutional investors and hedge funds own 68.27% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on ABBV shares. StockNews.com started coverage on shares of AbbVie in a research note on Thursday, May 18th. They issued a “strong-buy” rating for the company. Barclays lifted their price objective on shares of AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Wells Fargo & Company reduced their price objective on shares of AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Guggenheim dropped their target price on shares of AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Finally, Argus downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $163.40.
Insider Activity at AbbVie
AbbVie Stock Performance
NYSE:ABBV opened at $134.73 on Monday. The company has a market cap of $237.70 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 2.42 and a beta of 0.58. The firm’s 50-day moving average is $142.20 and its 200-day moving average is $150.86. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $168.11. The company has a debt-to-equity ratio of 4.46, a quick ratio of 0.82 and a current ratio of 0.96.
AbbVie (NYSE:ABBV – Free Report) last posted its earnings results on Thursday, April 27th. The company reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.44 by $0.02. The business had revenue of $12.23 billion for the quarter, compared to analysts’ expectations of $12.23 billion. AbbVie had a net margin of 13.37% and a return on equity of 153.92%. The firm’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.16 earnings per share. Equities research analysts anticipate that AbbVie Inc. will post 10.99 earnings per share for the current year.
AbbVie Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid a $1.48 dividend. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $5.92 dividend on an annualized basis and a yield of 4.39%. AbbVie’s payout ratio is currently 139.95%.
About AbbVie
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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