Utah Retirement Systems trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 4.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 338,426 shares of the company’s stock after selling 14,900 shares during the period. Utah Retirement Systems’ holdings in AbbVie were worth $36,625,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. GWM Advisors LLC grew its holdings in AbbVie by 5.7% in the 1st quarter. GWM Advisors LLC now owns 40,274 shares of the company’s stock valued at $4,359,000 after buying an additional 2,157 shares during the last quarter. Bangor Savings Bank grew its holdings in AbbVie by 21.5% in the 1st quarter. Bangor Savings Bank now owns 11,615 shares of the company’s stock valued at $1,257,000 after buying an additional 2,053 shares during the last quarter. Culbertson A N & Co. Inc. grew its holdings in AbbVie by 2.0% in the 1st quarter. Culbertson A N & Co. Inc. now owns 79,744 shares of the company’s stock valued at $8,630,000 after buying an additional 1,542 shares during the last quarter. Crawford Investment Counsel Inc. grew its holdings in shares of AbbVie by 5.6% during the 1st quarter. Crawford Investment Counsel Inc. now owns 1,121,058 shares of the company’s stock worth $121,321,000 after purchasing an additional 59,078 shares in the last quarter. Finally, Gibraltar Capital Management Inc. grew its holdings in shares of AbbVie by 18.4% during the 1st quarter. Gibraltar Capital Management Inc. now owns 51,236 shares of the company’s stock worth $5,560,000 after purchasing an additional 7,956 shares in the last quarter. 65.98% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently weighed in on ABBV. Daiwa Capital Markets began coverage on AbbVie in a report on Friday, July 2nd. They set an “outperform” rating on the stock. Royal Bank of Canada began coverage on AbbVie in a report on Wednesday, April 7th. They set a $135.00 price objective on the stock. BMO Capital Markets lifted their price objective on AbbVie from $127.00 to $129.00 and gave the stock an “outperform” rating in a report on Monday, May 3rd. Mizuho lifted their price objective on AbbVie from $126.00 to $128.00 and gave the stock a “buy” rating in a report on Monday, May 3rd. Finally, Piper Sandler raised their target price on AbbVie from $120.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday, April 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and an average price target of $120.25.
ABBV traded down $0.08 during trading on Thursday, hitting $116.91. The company’s stock had a trading volume of 72,711 shares, compared to its average volume of 5,892,503. The company’s 50 day moving average price is $114.98. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 5.40. AbbVie Inc. has a 12 month low of $79.11 and a 12 month high of $118.35. The company has a market capitalization of $206.49 billion, a PE ratio of 41.34, a price-to-earnings-growth ratio of 1.74 and a beta of 0.83.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, April 29th. The company reported $2.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.83 by $0.12. AbbVie had a return on equity of 136.75% and a net margin of 10.28%. The firm had revenue of $13.01 billion during the quarter, compared to the consensus estimate of $12.84 billion. During the same quarter in the previous year, the company posted $2.42 EPS. The business’s revenue for the quarter was up 50.9% compared to the same quarter last year. As a group, analysts predict that AbbVie Inc. will post 12.62 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 16th. Shareholders of record on Thursday, July 15th will be given a $1.30 dividend. The ex-dividend date is Wednesday, July 14th. This represents a $5.20 annualized dividend and a yield of 4.45%. AbbVie’s payout ratio is 49.24%.
AbbVie Company Profile
AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.
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