Hodges Capital Management Inc. Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Hodges Capital Management Inc. trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 21.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,306 shares of the company’s stock after selling 8,742 shares during the period. Hodges Capital Management Inc.’s holdings in AbbVie were worth $5,700,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Morningstar Investment Services LLC raised its stake in AbbVie by 78.7% in the third quarter. Morningstar Investment Services LLC now owns 5,078 shares of the company’s stock worth $773,000 after buying an additional 2,236 shares in the last quarter. Schonfeld Strategic Advisors LLC raised its stake in AbbVie by 195.5% in the third quarter. Schonfeld Strategic Advisors LLC now owns 4,890 shares of the company’s stock worth $729,000 after buying an additional 3,235 shares in the last quarter. Waverly Advisors LLC raised its stake in AbbVie by 12.0% in the third quarter. Waverly Advisors LLC now owns 29,538 shares of the company’s stock worth $4,403,000 after buying an additional 3,170 shares in the last quarter. United Services Automobile Association raised its stake in AbbVie by 5.0% in the third quarter. United Services Automobile Association now owns 290,439 shares of the company’s stock worth $43,293,000 after buying an additional 13,800 shares in the last quarter. Finally, First Business Financial Services Inc. raised its stake in AbbVie by 0.7% in the third quarter. First Business Financial Services Inc. now owns 13,717 shares of the company’s stock worth $2,045,000 after buying an additional 89 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Up 1.5 %

Shares of ABBV stock opened at $171.52 on Friday. AbbVie Inc. has a 12-month low of $132.13 and a 12-month high of $182.89. 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 firm’s 50 day moving average is $164.60 and its 200 day moving average is $167.54. The stock has a market capitalization of $302.88 billion, a P/E ratio of 50.90, a P/E/G ratio of 2.16 and a beta of 0.60.

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 the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter last year, the company posted $2.46 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. Research analysts expect that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Dividend Announcement

The business 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 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Guggenheim increased their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock 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 on the stock in a report on Monday, April 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Thursday, June 20th. Finally, 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 report on Tuesday, June 18th. Two investment 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Company 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.