Red Door Wealth Management LLC Acquires 1,777 Shares of AbbVie Inc. (NYSE:ABBV)

Red Door Wealth Management LLC raised its holdings in AbbVie Inc. (NYSE:ABBV) by 20.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 10,284 shares of the company’s stock after purchasing an additional 1,777 shares during the quarter. Red Door Wealth Management LLC’s holdings in AbbVie were worth $1,873,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Cornerstone Wealth Group LLC increased its stake in shares of AbbVie by 128.9% during the first quarter. Cornerstone Wealth Group LLC now owns 66,073 shares of the company’s stock worth $12,032,000 after purchasing an additional 37,203 shares during the period. New Mexico Educational Retirement Board increased its stake in shares of AbbVie by 12.0% during the first quarter. New Mexico Educational Retirement Board now owns 102,755 shares of the company’s stock worth $18,712,000 after purchasing an additional 11,000 shares during the period. Winthrop Advisory Group LLC increased its stake in shares of AbbVie by 2.2% during the first quarter. Winthrop Advisory Group LLC now owns 3,582 shares of the company’s stock worth $652,000 after purchasing an additional 78 shares during the period. First Bank & Trust increased its stake in shares of AbbVie by 3.8% during the first quarter. First Bank & Trust now owns 18,806 shares of the company’s stock worth $3,425,000 after purchasing an additional 681 shares during the period. Finally, Grimes & Company Inc. increased its stake in shares of AbbVie by 0.9% during the first quarter. Grimes & Company Inc. now owns 100,241 shares of the company’s stock worth $18,254,000 after purchasing an additional 880 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 1.5 %

Shares of NYSE:ABBV opened at $171.52 on Monday. The firm has a market cap of $302.88 billion, a P/E ratio of 50.90, a P/E/G ratio of 2.19 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 $132.13 and a 12-month high of $182.89. The business has a fifty day simple moving average of $164.60 and a 200 day simple moving average of $167.63.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during 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%. AbbVie’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the company earned $2.46 EPS. Analysts predict that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ABBV shares. Piper Sandler increased their price target on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. Guggenheim increased their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. HSBC raised 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. Finally, BMO Capital Markets reduced their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

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.