MRA Advisory Group Purchases 654 Shares of AbbVie Inc. (NYSE:ABBV)

MRA Advisory Group increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 33.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,593 shares of the company’s stock after buying an additional 654 shares during the period. MRA Advisory Group’s holdings in AbbVie were worth $472,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Lokken Investment Group LLC lifted its holdings in shares of AbbVie by 3.6% during the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after purchasing an additional 58 shares during the period. Arcadia Investment Management Corp MI increased its stake in AbbVie by 0.6% during the 1st quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock worth $1,706,000 after buying an additional 59 shares in the last quarter. Aspen Wealth Strategies LLC raised its stake in AbbVie by 0.5% in the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after purchasing an additional 61 shares during the last quarter. Marks Group Wealth Management Inc grew its holdings in shares of AbbVie by 2.9% during the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock worth $349,000 after buying an additional 63 shares in the last quarter. Finally, Spinnaker Investment Group LLC raised its position in shares of AbbVie by 1.6% in the first quarter. Spinnaker Investment Group LLC now owns 4,068 shares of the company’s stock valued at $741,000 after buying an additional 64 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research reports. Guggenheim upped their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Tuesday. BMO Capital Markets lowered their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $181.07.

AbbVie Stock Up 0.1 %

Shares of NYSE ABBV traded up $0.09 during mid-day trading on Wednesday, hitting $168.14. The company had a trading volume of 3,799,523 shares, compared to its average volume of 5,618,633. The company has a market capitalization of $296.91 billion, a PE ratio of 49.84, a price-to-earnings-growth ratio of 2.26 and a beta of 0.64. The business’s 50-day simple moving average is $164.79 and its 200 day simple moving average is $168.27. AbbVie Inc. has a 1-year low of $132.70 and a 1-year high of $182.89. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last posted 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 return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same quarter last year, the company earned $2.46 EPS. AbbVie’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts predict that AbbVie Inc. will post 10.61 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio is presently 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.