AbbVie Inc. (NYSE:ABBV) Shares Sold by Financial Management Professionals Inc.

Financial Management Professionals Inc. cut its stake in AbbVie Inc. (NYSE:ABBV) by 17.1% in the first quarter, HoldingsChannel reports. The firm owned 4,249 shares of the company’s stock after selling 875 shares during the quarter. Financial Management Professionals Inc.’s holdings in AbbVie were worth $774,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of AbbVie in the 4th quarter valued at approximately $3,229,888,000. International Assets Investment Management LLC purchased a new stake in AbbVie during the 4th quarter worth about $499,955,000. Capital International Investors boosted its position in shares of AbbVie by 6.0% during the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after acquiring an additional 2,542,463 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of AbbVie by 39.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock worth $1,305,252,000 after acquiring an additional 2,390,239 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in AbbVie by 7.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after purchasing an additional 1,702,415 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ABBV has been the subject of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Thursday, June 20th. BMO Capital Markets decreased their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Guggenheim lifted their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Barclays lowered their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Finally, 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 research report on Tuesday, June 18th. Two equities 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 company. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Price Performance

Shares of NYSE ABBV opened at $171.52 on Friday. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie Inc. has a one year low of $132.13 and a one year high of $182.89. The firm has a market capitalization of $302.88 billion, a P/E ratio of 50.90, a PEG ratio of 2.16 and a beta of 0.60. The company’s fifty day moving average is $164.60 and its two-hundred day moving average is $167.54.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same quarter in the previous year, the firm earned $2.46 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Analysts forecast that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.61%. AbbVie’s dividend payout ratio is presently 183.98%.

About AbbVie

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.