Aviance Capital Partners LLC Buys 19,028 Shares of AbbVie Inc. (NYSE:ABBV)

Aviance Capital Partners LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 15.5% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 141,641 shares of the company’s stock after buying an additional 19,028 shares during the period. AbbVie makes up 3.8% of Aviance Capital Partners LLC’s investment portfolio, making the stock its 2nd biggest holding. Aviance Capital Partners LLC’s holdings in AbbVie were worth $25,793,000 as of its most recent filing with the SEC.

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

AbbVie Stock Performance

Shares of NYSE:ABBV 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 1-year low of $132.70 and a 1-year high of $182.89. The stock has a market capitalization of $300.85 billion, a P/E ratio of 50.56, a P/E/G ratio of 2.19 and a beta of 0.64. The business has a 50-day moving average price of $164.60 and a two-hundred day moving average price of $167.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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. 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 in the prior year, the business posted $2.46 earnings per share. AbbVie’s revenue was up .7% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.64%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ABBV. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research report on Wednesday, June 5th. Piper Sandler increased their target price on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. BMO Capital Markets cut their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Finally, 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. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average 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.