Dynamic Advisor Solutions LLC Trims Position in AbbVie Inc. (NYSE:ABBV)

Dynamic Advisor Solutions LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 64,784 shares of the company’s stock after selling 2,296 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in AbbVie were worth $11,797,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ABBV. Vanguard Group Inc. boosted its holdings in shares of AbbVie by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock worth $23,961,001,000 after purchasing an additional 1,450,089 shares during the period. Capital International Investors raised its position in shares of AbbVie by 6.0% in the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after acquiring an additional 2,542,463 shares in the last quarter. Morgan Stanley raised its position in shares of AbbVie by 2.9% in the 3rd quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock worth $4,796,085,000 after acquiring an additional 914,485 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of AbbVie by 7.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after acquiring an additional 1,702,415 shares in the last quarter. Finally, Norges Bank acquired a new position in AbbVie during the 4th quarter valued at about $3,229,888,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 1.2 %

NYSE ABBV opened at $170.75 on Wednesday. The stock has a market capitalization of $301.52 billion, a P/E ratio of 50.67, a P/E/G ratio of 2.21 and a beta of 0.60. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $182.89. The firm has a 50-day moving average price of $164.27 and a 200 day moving average price of $167.26. 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 issued its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.05. The company 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 firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.46 earnings per share. Equities research analysts expect that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.63%. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Analyst Ratings Changes

Several brokerages recently issued reports on ABBV. BMO Capital Markets reduced their target price 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 reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Thursday, June 20th. Piper Sandler boosted their price target on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. Guggenheim boosted their price target on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Wednesday, June 5th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $179.64.

AbbVie 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.