Capital Asset Advisory Services LLC Has $3.18 Million Position in AbbVie Inc. (NYSE:ABBV)

Capital Asset Advisory Services LLC raised its holdings in AbbVie Inc. (NYSE:ABBV) by 6.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,701 shares of the company’s stock after buying an additional 1,108 shares during the period. Capital Asset Advisory Services LLC’s holdings in AbbVie were worth $3,179,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of AbbVie during the 4th quarter worth about $3,229,888,000. International Assets Investment Management LLC acquired a new position in AbbVie in the 4th quarter valued at about $499,955,000. Capital International Investors grew its stake in AbbVie by 6.0% in the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock valued at $6,971,796,000 after buying an additional 2,542,463 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in AbbVie by 39.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock valued at $1,305,252,000 after buying an additional 2,390,239 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in AbbVie by 7.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after buying an additional 1,702,415 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Price Performance

ABBV stock opened at $171.52 on Friday. The company has a 50 day simple moving average of $164.60 and a 200 day simple moving average of $167.44. The stock has a market cap of $302.88 billion, a price-to-earnings ratio of 50.90, a P/E/G ratio of 2.19 and a beta of 0.60. AbbVie Inc. has a 1 year low of $132.13 and a 1 year high of $182.89. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last released its quarterly earnings data 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 net margin of 11.02% and a return on equity of 179.47%. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. During the same period in the prior year, the company earned $2.46 EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Research analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ABBV. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Wednesday, June 5th. 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 report on Monday, April 29th. Guggenheim boosted their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. BMO Capital Markets cut their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Finally, Piper Sandler boosted their price objective on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. 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.com, the stock has an average rating of “Moderate Buy” and an average target price of $179.64.

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.