Diversified Trust Co Lowers Stock Position in AbbVie Inc. (NYSE:ABBV)

Diversified Trust Co trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 8.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,017 shares of the company’s stock after selling 4,122 shares during the period. Diversified Trust Co’s holdings in AbbVie were worth $7,833,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Schonfeld Strategic Advisors LLC grew its holdings in shares of AbbVie by 195.5% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 4,890 shares of the company’s stock worth $729,000 after acquiring an additional 3,235 shares during the period. Lazard Asset Management LLC boosted its position in AbbVie by 95.1% during the third quarter. Lazard Asset Management LLC now owns 195,048 shares of the company’s stock worth $29,073,000 after purchasing an additional 95,057 shares in the last quarter. First National Bank of Omaha grew its holdings in AbbVie by 7.9% in the third quarter. First National Bank of Omaha now owns 8,460 shares of the company’s stock valued at $1,261,000 after purchasing an additional 620 shares during the last quarter. Axxcess Wealth Management LLC increased its position in shares of AbbVie by 93.1% in the third quarter. Axxcess Wealth Management LLC now owns 64,426 shares of the company’s stock valued at $9,603,000 after buying an additional 31,054 shares in the last quarter. Finally, Avenir Corp acquired a new position in shares of AbbVie during the 3rd quarter worth $218,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Barclays dropped their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. Piper Sandler upped 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 shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. Finally, Guggenheim lifted their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Two 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 stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $179.64.

AbbVie Stock Performance

Shares of ABBV stock opened at $170.37 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The company has a market cap of $300.85 billion, a PE ratio of 50.56, a P/E/G ratio of 2.19 and a beta of 0.64. The company’s fifty day simple moving average is $164.60 and its 200-day simple moving average is $167.63. AbbVie Inc. has a 52 week low of $132.70 and a 52 week high of $182.89.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter in the previous year, the firm posted $2.46 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities research analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.64%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

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.