Taylor Frigon Capital Management LLC Lowers Position in AbbVie Inc. (NYSE:ABBV)

Taylor Frigon Capital Management LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 0.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,415 shares of the company’s stock after selling 90 shares during the period. Taylor Frigon Capital Management LLC’s holdings in AbbVie were worth $1,897,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Madrona Financial Services LLC increased its position in shares of AbbVie by 82.9% in the first quarter. Madrona Financial Services LLC now owns 3,311 shares of the company’s stock worth $603,000 after purchasing an additional 1,501 shares during the last quarter. Abundance Wealth Counselors increased its position in shares of AbbVie by 0.9% in the first quarter. Abundance Wealth Counselors now owns 17,830 shares of the company’s stock worth $3,247,000 after purchasing an additional 162 shares during the last quarter. Norden Group LLC increased its position in shares of AbbVie by 2,055.1% in the first quarter. Norden Group LLC now owns 139,587 shares of the company’s stock worth $25,421,000 after purchasing an additional 133,110 shares during the last quarter. Community Bank & Trust Waco Texas increased its position in shares of AbbVie by 0.6% in the first quarter. Community Bank & Trust Waco Texas now owns 35,315 shares of the company’s stock worth $6,431,000 after purchasing an additional 227 shares during the last quarter. Finally, Lake Street Private Wealth LLC boosted its stake in AbbVie by 4.7% in the first quarter. Lake Street Private Wealth LLC now owns 30,418 shares of the company’s stock worth $5,539,000 after buying an additional 1,373 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on ABBV shares. Guggenheim upped their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. BMO Capital Markets dropped their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. HSBC raised 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. Barclays dropped their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Finally, Piper Sandler reissued an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research note on Tuesday. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $181.07.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $163.84 on Friday. AbbVie Inc. has a 1-year low of $132.70 and a 1-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 business has a fifty day moving average price of $164.50 and a 200-day moving average price of $167.80. The company has a market capitalization of $289.32 billion, a PE ratio of 48.62, a PEG ratio of 2.12 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released 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. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same period last year, the firm posted $2.46 earnings per share. AbbVie’s revenue was up .7% compared to the same quarter last year. As a group, equities analysts expect that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

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 given a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.78%. AbbVie’s dividend payout ratio (DPR) 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.