LongView Wealth Management Reduces Stake in AbbVie Inc. (NYSE:ABBV)

LongView Wealth Management decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 8.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 7,042 shares of the company’s stock after selling 660 shares during the period. LongView Wealth Management’s holdings in AbbVie were worth $1,282,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Van Lanschot Kempen Investment Management N.V. grew its position in AbbVie by 1,053.0% during the 3rd quarter. Van Lanschot Kempen Investment Management N.V. now owns 22,091 shares of the company’s stock worth $3,293,000 after acquiring an additional 20,175 shares during the last quarter. Morningstar Investment Services LLC grew its position in AbbVie by 78.7% during the 3rd quarter. Morningstar Investment Services LLC now owns 5,078 shares of the company’s stock worth $773,000 after acquiring an additional 2,236 shares during the last quarter. Ancora Advisors LLC grew its position in AbbVie by 2.0% during the 3rd quarter. Ancora Advisors LLC now owns 327,437 shares of the company’s stock worth $48,808,000 after acquiring an additional 6,432 shares during the last quarter. Ironwood Investment Counsel LLC grew its position in AbbVie by 68.2% during the 3rd quarter. Ironwood Investment Counsel LLC now owns 10,653 shares of the company’s stock worth $1,588,000 after acquiring an additional 4,320 shares during the last quarter. Finally, Caxton Associates LP lifted its holdings in AbbVie by 1.6% in the 3rd quarter. Caxton Associates LP now owns 17,532 shares of the company’s stock worth $2,613,000 after buying an additional 276 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.5 %

ABBV opened at $171.52 on Friday. 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 company has a market capitalization of $302.88 billion, a P/E ratio of 50.90, a PEG ratio of 2.19 and a beta of 0.60. The stock’s fifty day moving average is $164.60 and its two-hundred day moving average is $167.44. AbbVie Inc. has a 52 week low of $132.13 and a 52 week high of $182.89.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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 firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $2.46 EPS. Analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders 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 3.61%. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ABBV shares. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Thursday, June 20th. Barclays reduced their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Piper Sandler boosted their target price on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research note on Wednesday, June 5th. Finally, 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 note 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 company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.