FCG Investment Co Takes Position in AbbVie Inc. (NYSE:ABBV)

FCG Investment Co acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,762 shares of the company’s stock, valued at approximately $1,413,000. AbbVie accounts for 1.1% of FCG Investment Co’s holdings, making the stock its 26th biggest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Retirement Guys Formula LLC acquired a new position in shares of AbbVie in the first quarter valued at approximately $301,000. Spinnaker Investment Group LLC boosted its stake in AbbVie by 1.6% in the 1st quarter. Spinnaker Investment Group LLC now owns 4,068 shares of the company’s stock worth $741,000 after purchasing an additional 64 shares during the period. Tempus Wealth Planning LLC increased its holdings in AbbVie by 10.8% during the 1st quarter. Tempus Wealth Planning LLC now owns 2,568 shares of the company’s stock worth $468,000 after purchasing an additional 251 shares in the last quarter. Accel Wealth Management raised its stake in shares of AbbVie by 5.9% in the 1st quarter. Accel Wealth Management now owns 4,905 shares of the company’s stock valued at $893,000 after purchasing an additional 273 shares during the period. Finally, First Trust Direct Indexing L.P. lifted its holdings in shares of AbbVie by 20.7% in the first quarter. First Trust Direct Indexing L.P. now owns 34,466 shares of the company’s stock valued at $6,276,000 after purchasing an additional 5,915 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ABBV shares. Guggenheim lifted their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. HSBC upgraded 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. BMO Capital Markets reduced their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Piper Sandler reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Tuesday. Finally, Barclays reduced 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. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $181.07.

AbbVie Stock Performance

ABBV opened at $163.84 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a 12-month low of $132.70 and a 12-month high of $182.89. The business has a 50 day moving average of $164.43 and a 200-day moving average of $167.77. The stock has a market cap of $289.32 billion, a price-to-earnings ratio of 48.62, a PEG ratio of 2.10 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.46 EPS. On average, equities research analysts expect that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared 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. This represents a $6.20 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is currently 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.