Woodmont Investment Counsel LLC Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Woodmont Investment Counsel LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 0.9% in the 1st quarter, HoldingsChannel reports. The fund owned 25,758 shares of the company’s stock after selling 235 shares during the period. Woodmont Investment Counsel LLC’s holdings in AbbVie were worth $4,691,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in ABBV. Lokken Investment Group LLC lifted its position in AbbVie by 3.6% in the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after buying an additional 58 shares during the last quarter. Aspen Wealth Strategies LLC lifted its position in AbbVie by 0.5% in the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock worth $1,776,000 after buying an additional 61 shares during the last quarter. Marks Group Wealth Management Inc lifted its position in AbbVie by 2.9% in the 4th quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock worth $349,000 after buying an additional 63 shares during the last quarter. Avion Wealth lifted its position in AbbVie by 11.9% in the 4th quarter. Avion Wealth now owns 612 shares of the company’s stock worth $95,000 after buying an additional 65 shares during the last quarter. Finally, White Pine Capital LLC lifted its position in AbbVie by 1.2% in the 4th quarter. White Pine Capital LLC now owns 5,498 shares of the company’s stock worth $852,000 after buying an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ABBV. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Wednesday. Barclays decreased their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Thursday, June 20th. Guggenheim lifted their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, Piper Sandler reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Tuesday. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Trading Down 2.6 %

AbbVie stock opened at $165.97 on Wednesday. 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 business’s fifty day simple moving average is $164.65 and its two-hundred day simple moving average is $167.74. AbbVie Inc. has a 12 month low of $132.70 and a 12 month high of $182.89. The company has a market capitalization of $293.08 billion, a price-to-earnings ratio of 49.25, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64.

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

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.74%. 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.