Valley National Advisers Inc. Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Valley National Advisers Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 1.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 5,607 shares of the company’s stock after acquiring an additional 81 shares during the period. Valley National Advisers Inc.’s holdings in AbbVie were worth $1,021,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Lokken Investment Group LLC grew its stake in shares of AbbVie by 3.6% during the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after buying an additional 58 shares during the period. Aspen Wealth Strategies LLC grew its stake in shares of AbbVie by 0.5% during the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after buying an additional 61 shares during the period. Marks Group Wealth Management Inc boosted its position in AbbVie by 2.9% during the 4th quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock worth $349,000 after purchasing an additional 63 shares during the period. Avion Wealth boosted its position in AbbVie by 11.9% during the 4th quarter. Avion Wealth now owns 612 shares of the company’s stock worth $95,000 after purchasing an additional 65 shares during the period. Finally, White Pine Capital LLC boosted its position in AbbVie by 1.2% during the 4th quarter. White Pine Capital LLC now owns 5,498 shares of the company’s stock worth $852,000 after purchasing an additional 65 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of research reports. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Wednesday, June 5th. Guggenheim upped their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $181.07.

AbbVie Stock Performance

Shares of AbbVie stock opened at $163.84 on Thursday. The firm has a market cap of $289.32 billion, a PE ratio of 48.62, a price-to-earnings-growth ratio of 2.12 and a beta of 0.64. The firm’s 50-day simple moving average is $164.58 and its 200-day simple moving average is $167.82. 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 1 year low of $132.70 and a 1 year high of $182.89.

AbbVie (NYSE:ABBV) last issued its 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 business 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%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.46 EPS. Equities analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.78%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

AbbVie Company 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.