Source Financial Advisors LLC Has $364,000 Position in AbbVie Inc. (NYSE:ABBV)

Source Financial Advisors LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 38.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,998 shares of the company’s stock after selling 1,256 shares during the quarter. Source Financial Advisors LLC’s holdings in AbbVie were worth $364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Centric Wealth Management raised its stake in shares of AbbVie by 4.5% in the 1st quarter. Centric Wealth Management now owns 9,570 shares of the company’s stock valued at $1,743,000 after buying an additional 409 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in AbbVie by 20.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 722,755 shares of the company’s stock worth $123,227,000 after purchasing an additional 122,846 shares in the last quarter. Horan Capital Advisors LLC. lifted its stake in AbbVie by 0.5% during the first quarter. Horan Capital Advisors LLC. now owns 17,964 shares of the company’s stock worth $3,271,000 after purchasing an additional 86 shares during the period. BOK Financial Private Wealth Inc. boosted its holdings in AbbVie by 6.1% during the first quarter. BOK Financial Private Wealth Inc. now owns 6,097 shares of the company’s stock valued at $1,110,000 after purchasing an additional 352 shares in the last quarter. Finally, Prosperity Consulting Group LLC grew its stake in shares of AbbVie by 237.5% in the 1st quarter. Prosperity Consulting Group LLC now owns 30,274 shares of the company’s stock valued at $5,513,000 after purchasing an additional 21,304 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 2.1 %

NYSE:ABBV traded up $3.41 during trading hours on Friday, hitting $167.25. 5,978,524 shares of the stock were exchanged, compared to its average volume of 5,658,405. The company’s 50 day moving average is $164.58 and its two-hundred day moving average is $167.96. The company has a market capitalization of $295.34 billion, a P/E ratio of 49.63, a price-to-earnings-growth ratio of 2.14 and a beta of 0.64. AbbVie Inc. has a twelve month low of $132.70 and a twelve month high of $182.89. 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 (NYSE:ABBV) last issued its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. The business 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%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.46 earnings per share. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.71 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Guggenheim boosted their price target on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Piper Sandler reissued an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Tuesday, July 2nd. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus 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.