Envestnet Portfolio Solutions Inc. Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Envestnet Portfolio Solutions Inc. raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 11.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 191,569 shares of the company’s stock after acquiring an additional 19,828 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in AbbVie were worth $34,885,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ABBV. Norges Bank purchased a new stake in shares of AbbVie during the 4th quarter valued at about $3,229,888,000. International Assets Investment Management LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at about $499,955,000. Capital International Investors increased its position in shares of AbbVie by 6.0% during the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock valued at $6,971,796,000 after purchasing an additional 2,542,463 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of AbbVie by 39.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock valued at $1,305,252,000 after purchasing an additional 2,390,239 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of AbbVie by 7.5% during 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 purchasing an additional 1,702,415 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.2 %

Shares of NYSE:ABBV traded up $0.37 on Friday, hitting $170.28. 4,131,971 shares of the company’s stock were exchanged, compared to its average volume of 5,593,598. AbbVie Inc. has a 12 month low of $132.70 and a 12 month high of $182.89. The stock has a market capitalization of $300.69 billion, a price-to-earnings ratio of 50.68, a price-to-earnings-growth ratio of 2.18 and a beta of 0.64. The business’s 50 day simple moving average is $165.10 and its two-hundred day simple moving average is $168.28. 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 released its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the company earned $2.46 earnings per share. Analysts anticipate that AbbVie Inc. will post 10.73 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.64%. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ABBV shares. Barclays reduced their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. BMO Capital Markets reduced their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Guggenheim increased their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Finally, Piper Sandler reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.