AbbVie Inc. (NYSE:ABBV) is Red Spruce Capital LLC’s 4th Largest Position

Red Spruce Capital LLC increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,680 shares of the company’s stock after buying an additional 62 shares during the quarter. AbbVie accounts for about 4.2% of Red Spruce Capital LLC’s portfolio, making the stock its 4th largest position. Red Spruce Capital LLC’s holdings in AbbVie were worth $9,047,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABBV. Vanguard Group Inc. lifted its holdings in shares of AbbVie by 0.9% during the third quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock worth $23,961,001,000 after purchasing an additional 1,450,089 shares during the period. Capital International Investors lifted its stake in AbbVie by 6.0% during the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock valued at $6,971,796,000 after acquiring an additional 2,542,463 shares during the period. Morgan Stanley lifted its position in AbbVie by 2.9% during the third quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock valued at $4,796,085,000 after purchasing an additional 914,485 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in AbbVie by 7.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after purchasing an additional 1,702,415 shares during the last quarter. Finally, Norges Bank acquired a new stake in AbbVie during the 4th quarter worth about $3,229,888,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. 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. Guggenheim lifted their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. BMO Capital Markets decreased their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Barclays dropped their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Thursday. Two equities 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. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.64.

AbbVie Trading Down 1.0 %

Shares of ABBV opened at $170.39 on Friday. The firm’s fifty day moving average is $163.89 and its two-hundred day moving average is $166.79. The stock has a market cap of $300.89 billion, a PE ratio of 50.56, a price-to-earnings-growth ratio of 2.20 and a beta of 0.60. 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 Inc. has a 52-week low of $130.96 and a 52-week high of $182.89.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. AbbVie’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $2.46 earnings per share. Research analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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 given a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.64%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

AbbVie Company 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.