Tower Wealth Partners Inc. Invests $222,000 in AbbVie Inc. (NYSE:ABBV)

Tower Wealth Partners Inc. bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 1st quarter, Holdings Channel reports. The institutional investor bought 1,220 shares of the company’s stock, valued at approximately $222,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vermillion & White Wealth Management Group LLC acquired a new position in AbbVie during the fourth quarter worth approximately $26,000. Able Wealth Management LLC acquired a new position in AbbVie during the fourth quarter worth approximately $33,000. IFS Advisors LLC acquired a new position in AbbVie during the first quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. acquired a new position in AbbVie during the fourth quarter worth approximately $37,000. Finally, Clarity Asset Management Inc. purchased a new position in shares of AbbVie in the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Down 1.3 %

AbbVie stock opened at $163.84 on Thursday. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The firm has a market capitalization of $289.32 billion, a price-to-earnings ratio of 48.62, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64. AbbVie Inc. has a fifty-two week low of $132.70 and a fifty-two week high of $182.89. The stock’s fifty day moving average is $164.58 and its two-hundred day moving average is $167.82.

AbbVie (NYSE:ABBV) last posted its earnings results 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. The company had revenue of $12.31 billion for 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 was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.46 earnings per share. Analysts predict that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.78%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ABBV. BMO Capital Markets lowered their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research note on Wednesday, June 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Thursday, June 20th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Tuesday. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $181.07.

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.