AbbVie Inc. (NYSE:ABBV) Shares Sold by First Long Island Investors LLC

First Long Island Investors LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 143,323 shares of the company’s stock after selling 3,076 shares during the period. AbbVie accounts for about 2.2% of First Long Island Investors LLC’s holdings, making the stock its 17th biggest holding. First Long Island Investors LLC’s holdings in AbbVie were worth $26,099,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lokken Investment Group LLC increased its position 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 valued at $258,000 after acquiring an additional 58 shares during the last quarter. Arcadia Investment Management Corp MI increased its position in shares of AbbVie by 0.6% during the first quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock valued at $1,706,000 after acquiring an additional 59 shares during the last quarter. Aspen Wealth Strategies LLC increased its position in shares of AbbVie by 0.5% during the fourth quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after acquiring an additional 61 shares during the last quarter. Marks Group Wealth Management Inc increased its position 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 valued at $349,000 after acquiring an additional 63 shares during the last quarter. Finally, Spinnaker Investment Group LLC increased its position in shares of AbbVie by 1.6% during the first quarter. Spinnaker Investment Group LLC now owns 4,068 shares of the company’s stock valued at $741,000 after acquiring an additional 64 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

ABBV traded up $1.78 during trading on Thursday, hitting $169.92. The stock had a trading volume of 3,688,030 shares, compared to its average volume of 5,604,677. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The firm has a market capitalization of $300.06 billion, a P/E ratio of 50.42, a PEG ratio of 2.26 and a beta of 0.64. The company’s 50-day moving average price is $165.10 and its 200 day moving average price is $168.28. AbbVie Inc. has a twelve month low of $132.70 and a twelve month high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the company posted $2.46 EPS. On average, equities research analysts forecast that AbbVie Inc. will post 10.61 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.65%. AbbVie’s payout ratio is currently 183.98%.

Analyst Ratings Changes

ABBV has been the subject of several recent research reports. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Guggenheim raised 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. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Wednesday, June 5th. BMO Capital Markets lowered their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Tuesday, July 2nd. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.07.

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.