Arcus Capital Partners LLC Boosts Position in AbbVie Inc. (NYSE:ABBV)

Arcus Capital Partners LLC raised its position in AbbVie Inc. (NYSE:ABBV) by 22.5% in the 1st quarter, Holdings Channel reports. The fund owned 4,404 shares of the company’s stock after purchasing an additional 808 shares during the period. Arcus Capital Partners LLC’s holdings in AbbVie were worth $802,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of AbbVie during the fourth quarter worth approximately $26,000. IFS Advisors LLC acquired a new stake in shares of AbbVie during the first quarter worth approximately $36,000. Redmont Wealth Advisors LLC acquired a new stake in shares of AbbVie during the first quarter worth approximately $37,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie during the fourth quarter worth approximately $33,000. Finally, Ables Iannone Moore & Associates Inc. acquired a new stake in shares of AbbVie during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday. Piper Sandler Companies restated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research note on Wednesday. Guggenheim raised their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. Finally, HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $181.07.

AbbVie Price Performance

Shares of NYSE ABBV opened at $163.84 on Friday. AbbVie Inc. has a fifty-two week low of $132.70 and a fifty-two week high of $182.89. The firm’s 50-day simple moving average is $164.50 and its 200 day simple moving average is $167.80. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The stock has a market cap of $289.32 billion, a P/E ratio of 48.62, a P/E/G ratio of 2.12 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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. The business had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business earned $2.46 earnings per share. Equities analysts expect that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is currently 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.