AbbVie Inc. (NYSE:ABBV) is Miller Howard Investments Inc. NY’s 4th Largest Position

Miller Howard Investments Inc. NY trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 1.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 456,849 shares of the company’s stock after selling 6,544 shares during the period. AbbVie makes up 2.7% of Miller Howard Investments Inc. NY’s investment portfolio, making the stock its 4th biggest holding. Miller Howard Investments Inc. NY’s holdings in AbbVie were worth $83,192,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie during the 4th quarter worth $26,000. IFS Advisors LLC bought a new stake in shares of AbbVie during the 1st quarter worth $36,000. Able Wealth Management LLC bought a new stake in shares of AbbVie during the 4th quarter worth $33,000. Ables Iannone Moore & Associates Inc. bought a new stake in shares of AbbVie during the 4th quarter worth $37,000. Finally, Clarity Asset Management Inc. bought a new stake in shares of AbbVie during the 4th quarter worth $42,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of NYSE ABBV opened at $172.75 on Tuesday. AbbVie Inc. has a 1 year low of $130.96 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. The company’s 50-day moving average is $164.11 and its 200 day moving average is $167.11. The stock has a market capitalization of $305.05 billion, a P/E ratio of 51.26, a P/E/G ratio of 2.18 and a beta of 0.60.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results 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. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter in the previous year, the company earned $2.46 earnings per share. AbbVie’s quarterly revenue was up .7% on a year-over-year basis. On average, sell-side analysts expect that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Dividend Announcement

The firm 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. This represents a $6.20 annualized dividend and a yield of 3.59%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. BMO Capital Markets decreased their target price on shares of 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 reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research report on Thursday, June 20th. Guggenheim lifted their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Barclays decreased their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Finally, Piper Sandler boosted their price objective on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average target price of $179.64.

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.