Range Financial Group LLC Has $2.58 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Range Financial Group LLC grew its holdings in AbbVie Inc. (NYSE:ABBV) by 1.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,162 shares of the company’s stock after purchasing an additional 254 shares during the period. AbbVie comprises approximately 1.3% of Range Financial Group LLC’s investment portfolio, making the stock its 11th biggest holding. Range Financial Group LLC’s holdings in AbbVie were worth $2,579,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank bought a new position in AbbVie during the fourth quarter worth $3,229,888,000. International Assets Investment Management LLC bought a new stake in shares of AbbVie in the fourth quarter valued at about $499,955,000. Capital International Investors boosted its position in shares of AbbVie by 6.0% in the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock valued at $6,971,796,000 after acquiring an additional 2,542,463 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of AbbVie by 39.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock valued at $1,305,252,000 after acquiring an additional 2,390,239 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of AbbVie by 7.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after acquiring an additional 1,702,415 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ABBV has been the subject of a number of recent research reports. 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 report on Monday, April 29th. Guggenheim upped their price objective on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Piper Sandler upped their price objective on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Barclays cut their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Thursday, June 20th. Two investment 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. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

AbbVie Price Performance

AbbVie stock opened at $172.75 on Tuesday. The stock has a market capitalization of $305.05 billion, a price-to-earnings ratio of 51.26, a PEG 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. The stock’s 50 day moving average price is $164.11 and its two-hundred day moving average price 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.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (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 for the quarter, compared to analysts’ expectations of $11.93 billion. During the same period last year, the business earned $2.46 EPS. AbbVie’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts predict 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. Investors of record on Monday, July 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is currently 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.