Oliver Luxxe Assets LLC Sells 293 Shares of AbbVie Inc. (NYSE:ABBV)

Oliver Luxxe Assets LLC lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 0.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,152 shares of the company’s stock after selling 293 shares during the quarter. AbbVie accounts for about 1.4% of Oliver Luxxe Assets LLC’s investment portfolio, making the stock its 15th biggest position. Oliver Luxxe Assets LLC’s holdings in AbbVie were worth $6,765,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ABBV. Norges Bank bought a new stake in AbbVie in the fourth quarter valued at about $3,229,888,000. International Assets Investment Management LLC bought a new stake in AbbVie during the fourth quarter worth about $499,955,000. Capital International Investors grew its stake in AbbVie by 6.0% during the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after buying an additional 2,542,463 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in AbbVie by 39.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock worth $1,305,252,000 after buying an additional 2,390,239 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in AbbVie by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after buying an additional 1,702,415 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.7 %

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

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. On average, analysts predict that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The company 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 annualized dividend and a yield of 3.64%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is presently 183.98%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. 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 decreased their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Piper Sandler upped 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. Finally, Barclays reduced their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. 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, the stock has an average 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.