AbbVie Inc. (NYSE:ABBV) is Wolff Wiese Magana LLC’s 6th Largest Position

Wolff Wiese Magana LLC decreased its position in AbbVie Inc. (NYSE:ABBV) by 2.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,761 shares of the company’s stock after selling 422 shares during the period. AbbVie makes up about 2.5% of Wolff Wiese Magana LLC’s portfolio, making the stock its 6th biggest holding. Wolff Wiese Magana LLC’s holdings in AbbVie were worth $2,870,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie during the 4th quarter worth about $26,000. IFS Advisors LLC acquired a new stake in AbbVie during the 1st quarter worth about $36,000. Able Wealth Management LLC acquired a new stake in AbbVie during the 4th quarter worth about $33,000. Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie during the 4th quarter worth about $37,000. Finally, Clarity Asset Management Inc. acquired a new stake in AbbVie during the 4th quarter worth about $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.7 %

ABBV stock opened at $170.37 on Tuesday. 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 12-month low of $132.70 and a 12-month high of $182.89. The stock has a market cap of $300.85 billion, a price-to-earnings ratio of 50.56, a PEG ratio of 2.19 and a beta of 0.64. The business’s 50-day moving average is $164.60 and its 200 day moving average is $167.63.

AbbVie (NYSE:ABBV) last released its 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 net margin of 11.02% and a return on equity of 179.47%. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same period last year, the company posted $2.46 EPS. The business’s revenue was up .7% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders 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 yield of 3.64%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ABBV shares. Guggenheim increased 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. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Barclays dropped their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Thursday, June 20th. Finally, Piper Sandler raised their target price on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company 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.