Fiduciary Alliance LLC Trims Stake in AbbVie Inc. (NYSE:ABBV)

Fiduciary Alliance LLC lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,440 shares of the company’s stock after selling 164 shares during the period. Fiduciary Alliance LLC’s holdings in AbbVie were worth $441,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABBV. American National Bank grew its stake in AbbVie by 4.8% in the 4th quarter. American National Bank now owns 59,392 shares of the company’s stock worth $9,204,000 after acquiring an additional 2,695 shares in the last quarter. AXS Investments LLC boosted its holdings in shares of AbbVie by 3.3% in the fourth quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock valued at $1,477,000 after purchasing an additional 307 shares during the period. TCI Wealth Advisors Inc. grew its stake in AbbVie by 1.0% in the fourth quarter. TCI Wealth Advisors Inc. now owns 17,043 shares of the company’s stock worth $2,641,000 after purchasing an additional 165 shares in the last quarter. Mizuho Markets Americas LLC increased its holdings in AbbVie by 33.4% during the 4th quarter. Mizuho Markets Americas LLC now owns 30,914 shares of the company’s stock worth $4,791,000 after purchasing an additional 7,737 shares during the period. Finally, Amplius Wealth Advisors LLC raised its position in AbbVie by 17.6% during the 4th quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock valued at $413,000 after purchasing an additional 400 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ABBV shares. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Wednesday, June 5th. Guggenheim increased their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Barclays decreased their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. Finally, Piper Sandler increased their price objective on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

AbbVie Price Performance

NYSE:ABBV opened at $171.52 on Monday. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The company has a 50 day moving average price of $164.60 and a 200-day moving average price of $167.63. AbbVie Inc. has a 1-year low of $132.13 and a 1-year high of $182.89. The firm has a market cap of $302.88 billion, a price-to-earnings ratio of 50.90, a price-to-earnings-growth ratio of 2.19 and a beta of 0.60.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating 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 company had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter in the previous year, the company earned $2.46 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts forecast that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Announces Dividend

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

AbbVie 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.