Allspring Global Investments Holdings LLC grew its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 1.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 510,865 shares of the company’s stock after purchasing an additional 5,567 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AbbVie were worth $93,028,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in ABBV. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie during the fourth quarter valued at approximately $26,000. Able Wealth Management LLC bought a new position in AbbVie during the 4th quarter valued at approximately $33,000. IFS Advisors LLC purchased a new position in AbbVie during the first quarter valued at $36,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of AbbVie in the fourth quarter worth $37,000. Finally, Clarity Asset Management Inc. bought a new position in shares of AbbVie during the fourth quarter valued at $42,000. 70.23% of the stock is currently owned by institutional investors.
AbbVie Stock Performance
AbbVie stock traded down $2.98 during trading hours on Tuesday, hitting $167.39. 605,472 shares of the stock traded hands, compared to its average volume of 5,630,554. AbbVie Inc. has a 1 year low of $132.70 and a 1 year high of $182.89. The stock has a market capitalization of $295.59 billion, a price-to-earnings ratio of 50.56, a P/E/G ratio of 2.19 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The firm’s 50 day moving average price is $164.60 and its 200-day moving average price is $167.63.
AbbVie Announces Dividend
The company also recently declared 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 is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.70%. AbbVie’s dividend payout ratio is presently 183.98%.
Analyst Upgrades and Downgrades
ABBV has been the subject of several research reports. Guggenheim boosted their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Piper Sandler boosted their target price on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. BMO Capital Markets decreased their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Barclays cut their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $179.64.
Read Our Latest Analysis on AbbVie
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.
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