Rockland Trust Co. Sells 1,207 Shares of AbbVie Inc. (NYSE:ABBV)

Rockland Trust Co. decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,882 shares of the company’s stock after selling 1,207 shares during the period. Rockland Trust Co.’s holdings in AbbVie were worth $8,173,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Gulf International Bank UK Ltd boosted its position in shares of AbbVie by 0.5% during the first quarter. Gulf International Bank UK Ltd now owns 149,103 shares of the company’s stock valued at $27,151,000 after buying an additional 711 shares during the last quarter. Optimum Investment Advisors boosted its position in shares of AbbVie by 2.4% during the first quarter. Optimum Investment Advisors now owns 14,624 shares of the company’s stock valued at $2,663,000 after buying an additional 348 shares during the last quarter. Meyer Handelman Co. boosted its position in shares of AbbVie by 1.3% during the first quarter. Meyer Handelman Co. now owns 139,683 shares of the company’s stock valued at $25,436,000 after buying an additional 1,823 shares during the last quarter. Tealwood Asset Management Inc. boosted its position in AbbVie by 0.6% in the first quarter. Tealwood Asset Management Inc. now owns 16,685 shares of the company’s stock worth $3,038,000 after purchasing an additional 106 shares during the last quarter. Finally, Allied Investment Advisors LLC boosted its position in AbbVie by 16.8% in the first quarter. Allied Investment Advisors LLC now owns 1,554 shares of the company’s stock worth $283,000 after purchasing an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 1.0 %

Shares of NYSE ABBV opened at $170.39 on Friday. 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 Inc. has a one year low of $130.96 and a one year high of $182.89. The stock has a market capitalization of $300.89 billion, a PE ratio of 50.56, a P/E/G ratio of 2.20 and a beta of 0.60. The business’s fifty day moving average price is $163.89 and its 200-day moving average price is $166.79.

AbbVie (NYSE:ABBV) last released its quarterly earnings data 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 period in the previous year, the company posted $2.46 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities research analysts anticipate 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 paid a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.64%. AbbVie’s payout ratio is 183.98%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. BMO Capital Markets cut their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Thursday. Piper Sandler boosted their price objective on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Guggenheim boosted their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Barclays cut their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Two equities 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 company’s stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus price target of $179.64.

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.