Investment Partners Asset Management Inc. Has $416,000 Holdings in AbbVie Inc. (NYSE:ABBV)

Investment Partners Asset Management Inc. boosted its position in AbbVie Inc. (NYSE:ABBV) by 9.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,285 shares of the company’s stock after acquiring an additional 198 shares during the quarter. Investment Partners Asset Management Inc.’s holdings in AbbVie were worth $416,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tower Research Capital LLC TRC boosted its holdings in AbbVie by 123.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 73,322 shares of the company’s stock valued at $10,929,000 after purchasing an additional 40,548 shares during the period. Van Lanschot Kempen Investment Management N.V. boosted its holdings in AbbVie by 1,053.0% in the 3rd quarter. Van Lanschot Kempen Investment Management N.V. now owns 22,091 shares of the company’s stock valued at $3,293,000 after purchasing an additional 20,175 shares during the period. Morningstar Investment Services LLC boosted its holdings in AbbVie by 78.7% in the 3rd quarter. Morningstar Investment Services LLC now owns 5,078 shares of the company’s stock valued at $773,000 after purchasing an additional 2,236 shares during the period. Cape Cod Five Cents Savings Bank boosted its holdings in AbbVie by 96.0% in the 3rd quarter. Cape Cod Five Cents Savings Bank now owns 36,106 shares of the company’s stock valued at $5,382,000 after purchasing an additional 17,681 shares during the period. Finally, CWA Asset Management Group LLC boosted its holdings in AbbVie by 3.0% in the 3rd quarter. CWA Asset Management Group LLC now owns 26,921 shares of the company’s stock valued at $4,013,000 after purchasing an additional 792 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Down 1.3 %

ABBV opened at $168.99 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The stock has a market capitalization of $298.41 billion, a PE ratio of 50.15, a PEG ratio of 2.19 and a beta of 0.60. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89. The firm has a 50-day moving average price of $164.41 and a two-hundred day moving average price of $167.29.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company posted $2.46 EPS. As a group, equities analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.67%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is presently 183.98%.

Analyst Ratings Changes

A number of research firms have recently commented on ABBV. Piper Sandler raised their price objective on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, June 18th. Barclays reduced their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Thursday, June 20th. Guggenheim raised their price objective on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Wednesday, June 5th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $179.64.

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.