Ballentine Partners LLC Has $5.70 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Ballentine Partners LLC boosted its position in AbbVie Inc. (NYSE:ABBV) by 23.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,279 shares of the company’s stock after buying an additional 5,950 shares during the quarter. Ballentine Partners LLC’s holdings in AbbVie were worth $5,696,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC acquired a new position in shares of AbbVie during the 4th quarter worth approximately $26,000. Able Wealth Management LLC bought a new position in shares of AbbVie during the 4th quarter worth approximately $33,000. IFS Advisors LLC bought a new position in shares of AbbVie during the 1st quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new position in shares of AbbVie during the 4th quarter worth approximately $37,000. Finally, Clarity Asset Management Inc. bought a new position in shares of AbbVie during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock traded up $2.09 during trading on Monday, reaching $172.48. 372,423 shares of the company’s stock were exchanged, compared to its average volume of 5,472,341. 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 Inc. has a 1-year low of $130.96 and a 1-year high of $182.89. The company has a market cap of $304.58 billion, a P/E ratio of 50.56, a PEG ratio of 2.20 and a beta of 0.60. The firm’s 50-day moving average price is $163.89 and its 200 day moving average price is $166.93.

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. 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 analysts’ expectations of $11.93 billion. During the same quarter in the previous year, the firm earned $2.46 EPS. AbbVie’s revenue was up .7% on a year-over-year basis. As a group, research analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders 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 yield of 3.59%. AbbVie’s payout ratio is presently 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research analyst reports. Barclays reduced their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Piper Sandler lifted their target price on AbbVie from $185.00 to $190.00 and gave the stock 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 price target for the company in a research note on Wednesday, June 5th. BMO Capital Markets reduced their price target 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, Guggenheim boosted their price target on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.