TCP Asset Management LLC Invests $211,000 in AbbVie Inc. (NYSE:ABBV)

TCP Asset Management LLC purchased a new position in AbbVie Inc. (NYSE:ABBV) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,158 shares of the company’s stock, valued at approximately $211,000.

A number of other hedge funds have also recently made changes to their positions in ABBV. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie in the fourth quarter worth about $26,000. Able Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter worth about $33,000. IFS Advisors LLC bought a new position in shares of AbbVie in the first quarter worth about $36,000. Ables Iannone Moore & Associates Inc. bought a new position in shares of AbbVie in the fourth quarter worth about $37,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of AbbVie in the first quarter worth about $37,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

ABBV stock opened at $163.84 on Thursday. The firm has a market cap of $289.32 billion, a price-to-earnings 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 quick ratio of 0.83 and a current ratio of 0.94. The firm has a 50-day simple moving average of $164.58 and a two-hundred day simple moving average of $167.82. AbbVie Inc. has a one year low of $132.70 and a one year high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion during 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 revenue was up .7% on a year-over-year basis. During the same period last year, the firm posted $2.46 EPS. On average, equities analysts forecast that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

Wall Street Analysts Forecast Growth

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 objective for the company in a research note on Wednesday, June 5th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday. Barclays lowered their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Guggenheim upped their price objective 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, BMO Capital Markets lowered their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.