Baystate Wealth Management LLC grew its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,352 shares of the company’s stock after buying an additional 133 shares during the period. Baystate Wealth Management LLC’s holdings in AbbVie were worth $694,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in ABBV. Morgan Stanley grew its position in AbbVie by 17.9% during the fourth quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after buying an additional 4,785,277 shares during the period. Moneta Group Investment Advisors LLC grew its position in shares of AbbVie by 89,097.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after purchasing an additional 29,170,366 shares during the period. Norges Bank acquired a new stake in shares of AbbVie in the fourth quarter valued at about $3,033,348,000. Charles Schwab Investment Management Inc. lifted its stake in shares of AbbVie by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,020,912 shares of the company’s stock worth $1,457,870,000 after buying an additional 101,354 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in shares of AbbVie by 6.1% in the fourth quarter. California Public Employees Retirement System now owns 6,730,331 shares of the company’s stock worth $1,087,689,000 after buying an additional 389,877 shares in the last quarter. Hedge funds and other institutional investors own 68.27% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the stock. Wells Fargo & Company decreased their price target on shares of AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Barclays lifted their target price on shares of AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Guggenheim reduced their target price on shares of AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. Argus cut shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Finally, StockNews.com assumed coverage on shares of AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $163.40.
Insider Buying and Selling
AbbVie Trading Up 0.8 %
Shares of ABBV stock opened at $135.57 on Wednesday. The stock has a market cap of $239.18 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 2.48 and a beta of 0.56. The company has a quick ratio of 0.82, a current ratio of 0.96 and a debt-to-equity ratio of 4.46. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $168.11. The firm’s 50 day moving average price is $139.29 and its two-hundred day moving average price is $149.56.
AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly 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 firm 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%. AbbVie’s revenue was down 9.7% compared to the same quarter last year. During the same period in the previous year, the company posted $3.16 earnings per share. On average, analysts anticipate that AbbVie Inc. will post 10.92 EPS for the current year.
AbbVie Announces Dividend
The business also recently declared 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 dividend yield of 4.37%. AbbVie’s dividend payout ratio (DPR) is presently 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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