AbbVie Inc. (NYSE:ABBV) Position Lessened by LVW Advisors LLC

LVW Advisors LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 7.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,847 shares of the company’s stock after selling 1,897 shares during the quarter. AbbVie makes up about 0.8% of LVW Advisors LLC’s investment portfolio, making the stock its 25th largest holding. LVW Advisors LLC’s holdings in AbbVie were worth $4,525,000 at the end of the most recent reporting period.

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

AbbVie Stock Down 0.7 %

ABBV opened at $170.37 on Tuesday. AbbVie Inc. has a twelve month low of $132.70 and a twelve month high of $182.89. The firm 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 firm’s 50-day simple moving average is $164.60 and its 200-day simple moving average is $167.63. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

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 company had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the business posted $2.46 earnings per share. Equities research 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. Stockholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is presently 183.98%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ABBV. Guggenheim boosted their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Piper Sandler upped their price objective on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. HSBC raised 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. BMO Capital Markets reduced their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Thursday, June 20th. 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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.