AbbVie Inc. (NYSE:ABBV) Shares Sold by Park Place Capital Corp

Park Place Capital Corp lessened its stake in AbbVie Inc. (NYSE:ABBV) by 23.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,102 shares of the company’s stock after selling 4,332 shares during the quarter. AbbVie comprises approximately 0.9% of Park Place Capital Corp’s holdings, making the stock its 25th biggest holding. Park Place Capital Corp’s holdings in AbbVie were worth $2,568,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ABBV. Vanguard Group Inc. raised its stake in shares of AbbVie by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock valued at $23,961,001,000 after acquiring an additional 1,450,089 shares during the period. Capital International Investors raised its stake in shares of AbbVie by 6.0% in the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock valued at $6,971,796,000 after acquiring an additional 2,542,463 shares during the period. Morgan Stanley raised its stake in shares of AbbVie by 2.9% in the 3rd quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock valued at $4,796,085,000 after acquiring an additional 914,485 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of AbbVie by 7.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after acquiring an additional 1,702,415 shares during the period. Finally, Norges Bank purchased a new position in shares of AbbVie in the 4th quarter valued at $3,229,888,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Ratings Changes

ABBV has been the topic of several analyst reports. Guggenheim lifted 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research report on Thursday, June 20th. Piper Sandler boosted their target price on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Wednesday, June 5th. Finally, Barclays dropped their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Two 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Price Performance

Shares of NYSE ABBV traded down $1.15 during midday trading on Monday, reaching $170.37. The company’s stock had a trading volume of 5,194,624 shares, compared to its average volume of 5,670,859. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The company has a 50 day moving average price of $164.60 and a 200 day moving average price of $167.63. AbbVie Inc. has a one year low of $132.70 and a one year high of $182.89. The company has a market cap of $300.85 billion, a price-to-earnings ratio of 50.56, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $11.93 billion. During the same quarter in the previous year, the business earned $2.46 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts expect that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The business 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. This represents a $6.20 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is presently 183.98%.

AbbVie 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.