McClarren Financial Advisors Inc. Reduces Position in AbbVie Inc. (NYSE:ABBV)

McClarren Financial Advisors Inc. lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 45.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 365 shares of the company’s stock after selling 304 shares during the period. McClarren Financial Advisors Inc.’s holdings in AbbVie were worth $66,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of ABBV. Schonfeld Strategic Advisors LLC raised its stake in shares of AbbVie by 195.5% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 4,890 shares of the company’s stock valued at $729,000 after purchasing an additional 3,235 shares in the last quarter. Kennedy Capital Management LLC bought a new position in AbbVie during the third quarter worth $215,000. Allen Mooney & Barnes Investment Advisors LLC bought a new position in AbbVie during the third quarter worth $12,919,000. Invst LLC boosted its holdings in AbbVie by 5.3% in the third quarter. Invst LLC now owns 3,933 shares of the company’s stock worth $586,000 after purchasing an additional 198 shares during the period. Finally, Polar Capital Holdings Plc raised its holdings in shares of AbbVie by 2.2% during the third quarter. Polar Capital Holdings Plc now owns 366,872 shares of the company’s stock worth $54,686,000 after purchasing an additional 8,000 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ABBV shares. Piper Sandler reaffirmed an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Tuesday. Barclays reduced their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Finally, HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research note on Wednesday, June 5th. Two 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 company. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $1.77 during trading on Thursday, reaching $169.91. The company had a trading volume of 3,687,995 shares, compared to its average volume of 5,604,676. The firm’s fifty day moving average is $164.92 and its 200 day moving average is $168.27. 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 $300.04 billion, a PE ratio of 50.31, a price-to-earnings-growth ratio of 2.26 and a beta of 0.64. AbbVie Inc. has a twelve month low of $132.70 and a twelve month high of $182.89.

AbbVie (NYSE:ABBV) last issued 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 firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same period last year, the company posted $2.46 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts forecast that AbbVie Inc. will post 10.61 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

AbbVie Company 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.