Strategic Planning Group LLC Increases Stake in AbbVie Inc. (NYSE:ABBV)

Strategic Planning Group LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 14.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,788 shares of the company’s stock after acquiring an additional 3,080 shares during the period. AbbVie accounts for about 1.1% of Strategic Planning Group LLC’s investment portfolio, making the stock its 21st largest position. Strategic Planning Group LLC’s holdings in AbbVie were worth $4,514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie in the fourth quarter valued at approximately $26,000. IFS Advisors LLC purchased a new stake in shares of AbbVie during the first quarter valued at approximately $36,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $33,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $37,000. Finally, Clarity Asset Management Inc. purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $42,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. Barclays decreased their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Guggenheim raised their price target 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. Finally, BMO Capital Markets decreased their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $179.64.

AbbVie Price Performance

Shares of NYSE ABBV opened at $171.70 on Tuesday. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. 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. The stock has a market cap of $303.20 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 issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The business had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same period in the previous year, the business earned $2.46 earnings per share. The company’s revenue was up .7% on a year-over-year basis. Equities analysts expect that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.61%. AbbVie’s dividend payout ratio is currently 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.