Peterson Wealth Advisors LLC Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Peterson Wealth Advisors LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 11.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,979 shares of the company’s stock after selling 499 shares during the period. Peterson Wealth Advisors LLC’s holdings in AbbVie were worth $725,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC acquired a new position in AbbVie during the 4th quarter worth approximately $26,000. Able Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter valued at approximately $33,000. IFS Advisors LLC bought a new stake in shares of AbbVie in the 1st quarter valued at approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new stake in shares of AbbVie in the 4th quarter valued at approximately $37,000. Finally, Clarity Asset Management Inc. bought a new position in AbbVie during the 4th quarter worth $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Trading Down 1.3 %

Shares of NYSE ABBV opened at $168.99 on Friday. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89. The firm has a market capitalization of $298.41 billion, a PE ratio of 50.15, a PEG ratio of 2.18 and a beta of 0.60. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The business has a 50-day moving average price of $164.41 and a two-hundred day moving average price of $167.29.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share 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 the consensus estimate of $11.93 billion. During the same period last year, the business earned $2.46 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. As a group, analysts predict that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Analysts Set New Price Targets

A number of research analysts recently commented on ABBV shares. Barclays lowered their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Wednesday, June 5th. Piper Sandler boosted their price target on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Guggenheim boosted their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, BMO Capital Markets decreased 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. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus 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.