Spinnaker Investment Group LLC Grows Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Spinnaker Investment Group LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 4,068 shares of the company’s stock after purchasing an additional 64 shares during the period. Spinnaker Investment Group LLC’s holdings in AbbVie were worth $741,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $26,000. IFS Advisors LLC bought a new stake in AbbVie in the 1st quarter worth approximately $36,000. Redmont Wealth Advisors LLC bought a new stake in AbbVie in the 1st quarter worth approximately $37,000. Able Wealth Management LLC bought a new stake in AbbVie in the 4th quarter worth approximately $33,000. Finally, Ables Iannone Moore & Associates Inc. bought a new stake in AbbVie in the 4th quarter worth approximately $37,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ABBV has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Thursday, June 20th. Guggenheim boosted their price target 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. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Wednesday, June 5th. Barclays decreased their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Finally, Piper Sandler restated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Tuesday. Two equities 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $181.07.

AbbVie Price Performance

Shares of ABBV stock opened at $163.84 on Friday. 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 company has a market capitalization of $289.32 billion, a P/E ratio of 48.62, a P/E/G ratio of 2.10 and a beta of 0.64. The company’s 50-day simple moving average is $164.43 and its two-hundred day simple moving average is $167.77. AbbVie Inc. has a one year low of $132.70 and a one year high of $182.89.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping 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 business had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same period in the prior year, the firm earned $2.46 EPS. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Announces Dividend

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