Austin Private Wealth LLC Increases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Austin Private Wealth LLC raised its holdings in AbbVie Inc. (NYSE:ABBV) by 6.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,005 shares of the company’s stock after buying an additional 248 shares during the quarter. Austin Private Wealth LLC’s holdings in AbbVie were worth $710,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Consolidated Portfolio Review Corp lifted its holdings in shares of AbbVie by 3.4% during the 3rd quarter. Consolidated Portfolio Review Corp now owns 3,247 shares of the company’s stock valued at $484,000 after acquiring an additional 106 shares in the last quarter. Pegasus Partners Ltd. lifted its position in shares of AbbVie by 14.6% in the 3rd quarter. Pegasus Partners Ltd. now owns 5,147 shares of the company’s stock worth $767,000 after buying an additional 656 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of AbbVie by 15.3% in the 3rd quarter. Parkside Financial Bank & Trust now owns 11,600 shares of the company’s stock valued at $1,729,000 after buying an additional 1,540 shares during the period. Paragon Private Wealth Management LLC grew its position in shares of AbbVie by 2.4% during the 3rd quarter. Paragon Private Wealth Management LLC now owns 9,535 shares of the company’s stock valued at $1,421,000 after buying an additional 226 shares during the last quarter. Finally, PGIM Custom Harvest LLC raised its stake in AbbVie by 4.5% during the third quarter. PGIM Custom Harvest LLC now owns 3,311 shares of the company’s stock worth $494,000 after acquiring an additional 142 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ABBV shares. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research report on Wednesday, June 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Thursday, June 20th. Barclays dropped their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. BMO Capital Markets reduced their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Finally, Piper Sandler lifted their price target on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. 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 data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $179.64.

AbbVie Stock Performance

Shares of ABBV stock traded down $0.71 during mid-day trading on Tuesday, reaching $172.03. The stock had a trading volume of 331,854 shares, compared to its average volume of 5,479,738. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89. The firm has a market cap of $303.78 billion, a PE ratio of 51.26, a P/E/G ratio of 2.18 and a beta of 0.60. The firm’s 50 day simple moving average is $164.11 and its 200 day simple moving average is $167.11. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.

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. The firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.46 EPS. On average, analysts forecast that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.60%. AbbVie’s dividend payout ratio is presently 183.98%.

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.