Atwood & Palmer Inc. Buys 1,124 Shares of AbbVie Inc. (NYSE:ABBV)

Atwood & Palmer Inc. boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 190,431 shares of the company’s stock after buying an additional 1,124 shares during the quarter. AbbVie accounts for approximately 2.6% of Atwood & Palmer Inc.’s portfolio, making the stock its 10th largest holding. Atwood & Palmer Inc.’s holdings in AbbVie were worth $34,677,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at about $26,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at about $33,000. IFS Advisors LLC purchased a new stake in shares of AbbVie in the first quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of AbbVie in the fourth quarter valued at about $37,000. Finally, Clarity Asset Management Inc. purchased a new stake in shares of AbbVie in the fourth quarter valued at about $42,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ABBV. Piper Sandler upped their price target on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Thursday. Guggenheim upped their price objective 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. Barclays reduced their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Finally, BMO Capital Markets reduced their price objective 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. 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 MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

AbbVie Stock Performance

Shares of ABBV stock opened at $170.39 on Friday. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The company has a 50 day moving average price of $163.89 and a 200 day moving average price of $166.79. The firm has a market capitalization of $300.89 billion, a price-to-earnings ratio of 50.56, a price-to-earnings-growth ratio of 2.20 and a beta of 0.60.

AbbVie (NYSE:ABBV) last released 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 company had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the prior year, the business earned $2.46 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed 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. This represents a $6.20 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

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.