SeaCrest Wealth Management LLC Decreases Stake in AbbVie Inc. (NYSE:ABBV)

SeaCrest Wealth Management LLC lowered its stake in AbbVie Inc. (NYSE:ABBV) by 10.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,394 shares of the company’s stock after selling 2,510 shares during the period. SeaCrest Wealth Management LLC’s holdings in AbbVie were worth $3,896,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie during the fourth quarter worth $26,000. IFS Advisors LLC purchased a new position in shares of AbbVie during the first quarter worth $36,000. Able Wealth Management LLC purchased a new position in shares of AbbVie during the fourth quarter worth $33,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of AbbVie during the fourth quarter worth $37,000. Finally, Clarity Asset Management Inc. purchased a new position in shares of AbbVie during the fourth quarter worth $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on ABBV shares. BMO Capital Markets reduced their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Piper Sandler reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Tuesday. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday. Guggenheim lifted their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Thursday, June 20th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $181.07.

AbbVie Stock Down 2.6 %

Shares of NYSE ABBV opened at $165.97 on Wednesday. The company’s 50-day simple moving average is $164.65 and its 200-day simple moving average is $167.74. AbbVie Inc. has a 52-week low of $132.70 and a 52-week high of $182.89. The firm has a market cap 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. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.

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

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.74%. AbbVie’s 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.