Cox Capital Mgt LLC Trims Stake in AbbVie Inc. (NYSE:ABBV)

Cox Capital Mgt LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,542 shares of the company’s stock after selling 532 shares during the period. Cox Capital Mgt LLC’s holdings in AbbVie were worth $1,738,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ABBV. V Square Quantitative Management LLC increased its holdings in AbbVie by 939.1% in the 3rd quarter. V Square Quantitative Management LLC now owns 1,434 shares of the company’s stock worth $214,000 after acquiring an additional 1,296 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of AbbVie by 238.3% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 94,401 shares of the company’s stock worth $14,071,000 after purchasing an additional 66,500 shares in the last quarter. Mystic Asset Management Inc. raised its position in shares of AbbVie by 0.5% during the 3rd quarter. Mystic Asset Management Inc. now owns 15,816 shares of the company’s stock valued at $2,358,000 after purchasing an additional 75 shares during the period. Retirement Planning Co of New England Inc. raised its position in shares of AbbVie by 21.3% during the 3rd quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock valued at $3,936,000 after purchasing an additional 4,633 shares during the period. Finally, Blue Investment Partners LLC lifted its stake in shares of AbbVie by 6.6% during the 3rd quarter. Blue Investment Partners LLC now owns 1,664 shares of the company’s stock valued at $248,000 after buying an additional 103 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ABBV shares. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Wednesday, June 5th. Barclays cut their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. BMO Capital Markets decreased their price target on shares of 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 raised their price objective on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research report on Thursday. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Price Performance

AbbVie stock opened at $170.57 on Friday. The firm has a market capitalization of $301.20 billion, a PE ratio of 50.61, a price-to-earnings-growth ratio of 2.19 and a beta of 0.60. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $182.89. The firm has a 50-day moving average price of $163.89 and a 200-day moving average price of $166.64. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The business had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. During the same quarter last year, the firm earned $2.46 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie Inc. will post 11.27 EPS for the current 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 issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.63%. AbbVie’s payout ratio is presently 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.