Naviter Wealth LLC Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Naviter Wealth LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 18.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,979 shares of the company’s stock after buying an additional 2,034 shares during the quarter. Naviter Wealth LLC’s holdings in AbbVie were worth $2,363,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. American National Bank raised its position 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 purchasing an additional 2,695 shares during the period. AXS Investments LLC raised its position in AbbVie by 3.3% in the 4th quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock worth $1,477,000 after purchasing an additional 307 shares during the period. TCI Wealth Advisors Inc. raised its position in AbbVie by 1.0% in the 4th 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 during the period. Mizuho Markets Americas LLC raised its position in AbbVie by 33.4% in 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% in the 4th quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock worth $413,000 after purchasing an additional 400 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 2.6 %

NYSE:ABBV opened at $165.97 on Wednesday. AbbVie Inc. has a one year low of $132.70 and a one year high of $182.89. 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’s 50-day simple moving average is $164.65 and its 200 day simple moving average is $167.74. The firm has a market capitalization of $293.08 billion, a P/E ratio of 49.25, a PEG ratio of 2.19 and a beta of 0.64.

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

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ABBV shares. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Wednesday, June 5th. Guggenheim boosted their price objective 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. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Thursday, June 20th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday. Finally, Barclays decreased their price objective 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. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $181.07.

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.