Gateway Investment Advisers LLC Sells 32,998 Shares of AbbVie Inc. (NYSE:ABBV)

Gateway Investment Advisers LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 7.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 441,452 shares of the company’s stock after selling 32,998 shares during the quarter. AbbVie accounts for 0.9% of Gateway Investment Advisers LLC’s portfolio, making the stock its 20th largest position. Gateway Investment Advisers LLC’s holdings in AbbVie were worth $80,388,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ABBV. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie in the 4th quarter valued at $26,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at about $33,000. IFS Advisors LLC acquired a new stake in shares of AbbVie in the first quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. bought a new stake in AbbVie during the fourth quarter worth about $37,000. Finally, Clarity Asset Management Inc. acquired a new position in AbbVie during the fourth quarter valued at approximately $42,000. 70.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Guggenheim upped their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research report on Wednesday, June 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Thursday, June 20th. Piper Sandler upped their target price on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. Finally, BMO Capital Markets cut 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. Two 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 an average target price of $179.64.

AbbVie Price Performance

Shares of NYSE ABBV opened at $170.75 on Wednesday. The firm has a market cap of $301.52 billion, a P/E ratio of 50.67, a price-to-earnings-growth ratio of 2.18 and a beta of 0.60. The business’s 50 day moving average is $164.27 and its 200-day moving average is $167.26. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business earned $2.46 EPS. Equities research analysts predict 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 $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.63%. 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.