Pflug Koory LLC Cuts Holdings in AbbVie Inc. (NYSE:ABBV)

Pflug Koory LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 6.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,360 shares of the company’s stock after selling 798 shares during the quarter. AbbVie comprises about 1.1% of Pflug Koory LLC’s investment portfolio, making the stock its 17th biggest position. Pflug Koory LLC’s holdings in AbbVie were worth $2,251,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ABBV. Meyer Handelman Co. raised its position in AbbVie by 1.3% in the first quarter. Meyer Handelman Co. now owns 139,683 shares of the company’s stock valued at $25,436,000 after purchasing an additional 1,823 shares during the period. Tealwood Asset Management Inc. raised its position in AbbVie by 0.6% in the first quarter. Tealwood Asset Management Inc. now owns 16,685 shares of the company’s stock valued at $3,038,000 after purchasing an additional 106 shares during the period. Allied Investment Advisors LLC raised its position in AbbVie by 16.8% in the first quarter. Allied Investment Advisors LLC now owns 1,554 shares of the company’s stock valued at $283,000 after purchasing an additional 224 shares during the period. Dakota Community Bank & Trust NA raised its position in AbbVie by 3.6% in the first quarter. Dakota Community Bank & Trust NA now owns 2,816 shares of the company’s stock valued at $513,000 after purchasing an additional 99 shares during the period. Finally, Shilanski & Associates Inc. raised its position in AbbVie by 0.7% in the first quarter. Shilanski & Associates Inc. now owns 22,341 shares of the company’s stock valued at $4,068,000 after purchasing an additional 156 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 1.0 %

NYSE:ABBV opened at $170.39 on Friday. The company 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 Inc. has a one year low of $130.96 and a one year high of $182.89. The stock has a 50-day simple moving average of $163.89 and a 200 day simple moving average of $166.79. 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 (NYSE:ABBV) last issued its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. During the same period in the previous year, the firm posted $2.46 earnings per share. AbbVie’s quarterly revenue was up .7% compared to the same quarter last year. Sell-side analysts predict that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.64%. AbbVie’s payout ratio is currently 183.98%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Thursday. Piper Sandler lifted their target price on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Barclays dropped their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. BMO Capital Markets dropped their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Finally, Guggenheim lifted their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Two 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.