AbbVie Inc. (NYSE:ABBV) is Matrix Asset Advisors Inc. NY’s 9th Largest Position

Matrix Asset Advisors Inc. NY reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 13.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 142,956 shares of the company’s stock after selling 21,471 shares during the quarter. AbbVie makes up approximately 3.1% of Matrix Asset Advisors Inc. NY’s portfolio, making the stock its 9th largest position. Matrix Asset Advisors Inc. NY’s holdings in AbbVie were worth $26,032,000 as of its most recent SEC filing.

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

AbbVie Stock Up 0.2 %

Shares of NYSE:ABBV opened at $171.15 on Thursday. The stock has a market cap of $302.23 billion, a price-to-earnings ratio of 50.79, a PEG ratio of 2.18 and a beta of 0.60. 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 Inc. has a 12-month low of $130.96 and a 12-month high of $182.89. The business’s 50 day moving average is $164.27 and its 200 day moving average is $167.26.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.46 EPS. On average, sell-side analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent research reports. HSBC upgraded shares of 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. BMO Capital Markets reduced their price target 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 set a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. Guggenheim boosted their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Piper Sandler boosted their price objective on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a 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 company’s stock. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target 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.