Global Assets Advisory LLC Invests $159.05 Million in AbbVie Inc. (NYSE:ABBV)

Global Assets Advisory LLC purchased a new position in AbbVie Inc. (NYSE:ABBV) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 873,418 shares of the company’s stock, valued at approximately $159,049,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Southland Equity Partners LLC increased its stake in shares of AbbVie by 23.9% in the 1st quarter. Southland Equity Partners LLC now owns 7,677 shares of the company’s stock valued at $1,398,000 after acquiring an additional 1,481 shares in the last quarter. Range Financial Group LLC increased its stake in shares of AbbVie by 1.8% in the 1st quarter. Range Financial Group LLC now owns 14,162 shares of the company’s stock valued at $2,579,000 after acquiring an additional 254 shares in the last quarter. Lloyd Advisory Services LLC. increased its stake in shares of AbbVie by 377.1% in the 1st quarter. Lloyd Advisory Services LLC. now owns 8,550 shares of the company’s stock valued at $1,557,000 after acquiring an additional 6,758 shares in the last quarter. AdvisorNet Financial Inc increased its stake in shares of AbbVie by 28.4% in the 1st quarter. AdvisorNet Financial Inc now owns 4,524 shares of the company’s stock valued at $824,000 after acquiring an additional 1,000 shares in the last quarter. Finally, CHICAGO TRUST Co NA increased its stake in shares of AbbVie by 1.3% in the 1st quarter. CHICAGO TRUST Co NA now owns 65,194 shares of the company’s stock valued at $11,872,000 after acquiring an additional 815 shares in the last quarter. 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 analyst reports. Guggenheim lifted 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. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Thursday, June 20th. HSBC upgraded shares of 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 shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Finally, Piper Sandler upped their target price on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.64.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $172.75 on Tuesday. The company’s 50-day moving average is $164.11 and its 200 day moving average is $167.11. 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 market capitalization of $305.05 billion, a P/E ratio of 51.26, a price-to-earnings-growth ratio of 2.20 and a beta of 0.60. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $182.89.

AbbVie (NYSE:ABBV) last released 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 business had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.46 earnings per share. On average, equities research analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend is Monday, July 15th. 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.