Oak Asset Management LLC Sells 2,421 Shares of AbbVie Inc. (NYSE:ABBV)

Oak Asset Management LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,547 shares of the company’s stock after selling 2,421 shares during the quarter. AbbVie makes up about 2.8% of Oak Asset Management LLC’s investment portfolio, making the stock its 6th largest position. Oak Asset Management LLC’s holdings in AbbVie were worth $7,566,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Mayfair Advisory Group LLC lifted its position in shares of AbbVie by 6.6% during the 1st quarter. Mayfair Advisory Group LLC now owns 1,620 shares of the company’s stock worth $295,000 after buying an additional 100 shares during the period. SteelPeak Wealth LLC lifted its position in shares of AbbVie by 12.2% during the 1st quarter. SteelPeak Wealth LLC now owns 14,075 shares of the company’s stock worth $2,563,000 after buying an additional 1,529 shares during the period. Financial Partners Group LLC lifted its position in shares of AbbVie by 10.9% during the 1st quarter. Financial Partners Group LLC now owns 2,392 shares of the company’s stock worth $436,000 after buying an additional 236 shares during the period. Breakwater Capital Group lifted its position in shares of AbbVie by 13.7% during the 1st quarter. Breakwater Capital Group now owns 4,494 shares of the company’s stock worth $818,000 after buying an additional 543 shares during the period. Finally, Optas LLC lifted its position in shares of AbbVie by 11.0% during the 1st quarter. Optas LLC now owns 3,582 shares of the company’s stock worth $652,000 after buying an additional 355 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 0.7 %

Shares of AbbVie stock opened at $170.37 on Tuesday. 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 $132.70 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. The stock has a market cap of $300.85 billion, a PE ratio of 50.56, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced 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 business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. During the same period in the previous year, the firm earned $2.46 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Research analysts predict that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid 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 dividend yield of 3.64%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Ratings Changes

ABBV has been the subject of several research analyst reports. Guggenheim lifted their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. BMO Capital Markets cut their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Piper Sandler lifted their price objective on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Thursday, June 20th. Finally, HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research report on Wednesday, June 5th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.