Wedmont Private Capital Acquires 851 Shares of AbbVie Inc. (NYSE:ABBV)

Wedmont Private Capital increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,496 shares of the company’s stock after acquiring an additional 851 shares during the quarter. Wedmont Private Capital’s holdings in AbbVie were worth $3,147,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Banque Cantonale Vaudoise lifted its position in shares of AbbVie by 18.4% during the 1st quarter. Banque Cantonale Vaudoise now owns 52,244 shares of the company’s stock valued at $9,513,000 after acquiring an additional 8,122 shares during the period. Bruce G. Allen Investments LLC grew its stake in AbbVie by 9.6% during the first quarter. Bruce G. Allen Investments LLC now owns 2,749 shares of the company’s stock worth $501,000 after buying an additional 241 shares in the last quarter. Abacus Wealth Partners LLC increased its holdings in AbbVie by 23.3% in the 1st quarter. Abacus Wealth Partners LLC now owns 1,739 shares of the company’s stock valued at $317,000 after buying an additional 329 shares during the period. Czech National Bank raised its position in shares of AbbVie by 0.4% in the 1st quarter. Czech National Bank now owns 310,648 shares of the company’s stock valued at $56,569,000 after buying an additional 1,373 shares in the last quarter. Finally, Signal Advisors Wealth LLC bought a new stake in shares of AbbVie during the 1st quarter worth approximately $332,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $170.57 on Friday. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. The firm has a market cap 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. The firm’s fifty day moving average is $163.89 and its 200-day moving average is $166.64.

AbbVie (NYSE:ABBV) last issued its quarterly 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 during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.46 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.63%. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ABBV shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Thursday. Barclays lowered their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. BMO Capital Markets reduced their price objective 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 boosted their target price on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Guggenheim raised their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $179.64.

About AbbVie

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.