Armstrong Henry H Associates Inc. Sells 400 Shares of AbbVie Inc. (NYSE:ABBV)

Armstrong Henry H Associates Inc. cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,675 shares of the company’s stock after selling 400 shares during the period. AbbVie accounts for 0.3% of Armstrong Henry H Associates Inc.’s investment portfolio, making the stock its 18th largest holding. Armstrong Henry H Associates Inc.’s holdings in AbbVie were worth $3,401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in AbbVie during the 4th quarter worth about $3,229,888,000. International Assets Investment Management LLC acquired a new stake in AbbVie during the 4th quarter worth about $499,955,000. Capital International Investors grew its holdings in AbbVie by 6.0% during the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after acquiring an additional 2,542,463 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in AbbVie by 39.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock worth $1,305,252,000 after acquiring an additional 2,390,239 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after acquiring an additional 1,702,415 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research reports. Guggenheim raised their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Piper Sandler raised their target price on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. BMO Capital Markets reduced their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Thursday. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Price Performance

AbbVie stock opened at $170.38 on Monday. 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 stock has a market cap of $300.87 billion, a P/E ratio of 50.56, a P/E/G ratio of 2.20 and a beta of 0.60. The company’s 50 day moving average price is $163.89 and its two-hundred day moving average price is $166.93. 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 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. AbbVie’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.46 EPS. On average, equities analysts predict that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend 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 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.