E&G Advisors LP Increases Stake in AbbVie Inc. (NYSE:ABBV)

E&G Advisors LP boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 3,459 shares of the company’s stock after purchasing an additional 103 shares during the quarter. E&G Advisors LP’s holdings in AbbVie were worth $630,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at about $26,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at about $33,000. IFS Advisors LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of AbbVie in the fourth quarter worth approximately $37,000. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of AbbVie in the first quarter worth approximately $37,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Down 1.3 %

AbbVie stock opened at $163.84 on Thursday. The stock has a market cap of $289.32 billion, a P/E ratio of 48.62, a PEG ratio of 2.12 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. AbbVie Inc. has a 1 year low of $132.70 and a 1 year high of $182.89. The firm’s 50 day moving average price is $164.58 and its 200-day moving average price is $167.82.

AbbVie (NYSE:ABBV) last posted its earnings results 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 firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same period last year, the firm posted $2.46 earnings per share. AbbVie’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders 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 3.78%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Thursday, June 20th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Barclays dropped their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Guggenheim raised their target price on shares of 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 Companies restated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Wednesday. 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 company currently has an average rating of “Moderate Buy” and a consensus target price of $181.07.

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.