AbbVie Inc. (NYSE:ABBV) Shares Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 6.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,243 shares of the company’s stock after purchasing an additional 1,801 shares during the period. Miracle Mile Advisors LLC’s holdings in AbbVie were worth $5,325,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. American National Bank raised its holdings in AbbVie by 4.8% in the 4th quarter. American National Bank now owns 59,392 shares of the company’s stock valued at $9,204,000 after acquiring an additional 2,695 shares during the last quarter. AXS Investments LLC raised its holdings in AbbVie by 3.3% in the 4th quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock valued at $1,477,000 after acquiring an additional 307 shares during the last quarter. TCI Wealth Advisors Inc. grew its stake in shares of AbbVie by 1.0% during the 4th quarter. TCI Wealth Advisors Inc. now owns 17,043 shares of the company’s stock valued at $2,641,000 after buying an additional 165 shares during the period. Mizuho Markets Americas LLC increased its holdings in shares of AbbVie by 33.4% during the 4th quarter. Mizuho Markets Americas LLC now owns 30,914 shares of the company’s stock worth $4,791,000 after buying an additional 7,737 shares during the last quarter. Finally, Amplius Wealth Advisors LLC increased its holdings in shares of AbbVie by 17.6% during the 4th quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock worth $413,000 after buying an additional 400 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 0.7 %

Shares of AbbVie stock opened at $170.37 on Tuesday. The business has a 50-day moving average of $164.60 and a 200-day moving average of $167.63. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The company has a market capitalization of $300.85 billion, a PE ratio of 50.56, a P/E/G ratio of 2.19 and a beta of 0.64. AbbVie Inc. has a 1-year low of $132.70 and a 1-year high of $182.89.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company’s revenue was up .7% on a year-over-year basis. During the same period last year, the firm earned $2.46 earnings per share. As a group, equities analysts forecast that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.64%. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ABBV shares. HSBC upgraded 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. Guggenheim upped their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. BMO Capital Markets dropped their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Barclays dropped their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Finally, Piper Sandler increased their price target on 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus 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.