Guinness Asset Management LTD Sells 17,274 Shares of AbbVie Inc. (NYSE:ABBV)

Guinness Asset Management LTD cut its position in AbbVie Inc. (NYSE:ABBV) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,243,576 shares of the company’s stock after selling 17,274 shares during the period. AbbVie accounts for 4.7% of Guinness Asset Management LTD’s holdings, making the stock its 2nd largest position. Guinness Asset Management LTD owned about 0.07% of AbbVie worth $226,397,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. BMO Capital Markets cut their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Guggenheim boosted their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Piper Sandler boosted their price objective on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. Barclays cut their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Finally, HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Stock Down 1.0 %

ABBV opened at $170.39 on Friday. The business has a 50 day moving average price of $163.89 and a two-hundred day moving average price of $166.79. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The company has a market cap of $300.89 billion, a PE ratio of 50.56, a P/E/G ratio of 2.20 and a beta of 0.60. 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 data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.46 EPS. As a group, research analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is 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.