Foster Dykema Cabot & Co. Inc. MA reduced its holdings in AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,441 shares of the company's stock after selling 80 shares during the period. Foster Dykema Cabot & Co. Inc. MA's holdings in AbbVie were worth $527,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Bell Bank increased its stake in shares of AbbVie by 6.4% during the 2nd quarter. Bell Bank now owns 65,576 shares of the company's stock worth $10,044,000 after purchasing an additional 3,924 shares during the last quarter. McAdam LLC increased its stake in shares of AbbVie by 5.6% during the 2nd quarter. McAdam LLC now owns 16,412 shares of the company's stock worth $2,514,000 after purchasing an additional 875 shares during the last quarter. Advisory Alpha LLC increased its stake in shares of AbbVie by 1.5% during the 2nd quarter. Advisory Alpha LLC now owns 6,272 shares of the company's stock worth $961,000 after purchasing an additional 90 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of AbbVie by 2.2% during the 2nd quarter. Global Retirement Partners LLC now owns 25,256 shares of the company's stock worth $3,868,000 after purchasing an additional 541 shares during the last quarter. Finally, CCG Wealth Management LLC acquired a new position in shares of AbbVie during the 2nd quarter worth about $232,000. 68.25% of the stock is currently owned by institutional investors and hedge funds.
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Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of AbbVie to $160.00 in a research note on Tuesday, August 9th. Morgan Stanley reduced their target price on shares of AbbVie from $191.00 to $188.00 and set an "overweight" rating for the company in a report on Monday, August 1st. Atlantic Securities reduced their target price on shares of AbbVie from $178.00 to $162.00 and set a "neutral" rating for the company in a report on Monday, August 1st. Argus reduced their target price on shares of AbbVie from $165.00 to $155.00 and set a "buy" rating for the company in a report on Wednesday, August 24th. Finally, Piper Sandler reduced their target price on shares of AbbVie from $160.00 to $155.00 in a report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus target price of $159.35.
AbbVie Stock Performance
Shares of AbbVie stock opened at $143.06 on Monday. The company has a 50 day moving average of $141.77 and a 200-day moving average of $149.54. AbbVie Inc. has a 1-year low of $106.44 and a 1-year high of $175.91. The company has a current ratio of 0.84, a quick ratio of 0.75 and a debt-to-equity ratio of 4.15. The company has a market cap of $252.94 billion, a PE ratio of 20.26, a price-to-earnings-growth ratio of 4.02 and a beta of 0.72.
AbbVie (NYSE:ABBV – Get Rating) last issued its quarterly earnings results on Friday, July 29th. The company reported $3.51 earnings per share for the quarter, topping analysts' consensus estimates of $3.42 by $0.09. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The company had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $14.64 billion. During the same quarter in the prior year, the firm posted $3.11 EPS. The firm's quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities research analysts forecast that AbbVie Inc. will post 14.05 earnings per share for the current fiscal year.
AbbVie Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid a $1.41 dividend. This represents a $5.64 annualized dividend and a yield of 3.94%. The ex-dividend date is Thursday, October 13th. AbbVie's payout ratio is 79.89%.
AbbVie Profile
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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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