Wolff Wiese Magana LLC Has $2.87 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Wolff Wiese Magana LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,761 shares of the company’s stock after selling 422 shares during the period. AbbVie makes up approximately 2.5% of Wolff Wiese Magana LLC’s holdings, making the stock its 6th biggest position. Wolff Wiese Magana LLC’s holdings in AbbVie were worth $2,870,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ABBV shares. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Wednesday, June 5th. Piper Sandler boosted their target price on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, June 18th. BMO Capital Markets decreased their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Guggenheim boosted their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Barclays cut their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $179.64.

AbbVie Price Performance

Shares of NYSE:ABBV 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 stock’s fifty day simple moving average is $164.60 and its two-hundred day simple moving average is $167.63. AbbVie Inc. has a 1-year low of $132.70 and a 1-year high of $182.89. 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 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $11.93 billion. During the same period in the prior year, the company earned $2.46 earnings per share. AbbVie’s revenue was up .7% compared to the same quarter last year. As a group, analysts forecast that AbbVie Inc. will post 11.27 EPS for the current fiscal 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 issued 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 3.64%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

AbbVie 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.