Eagle Ridge Investment Management Has $12.82 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Eagle Ridge Investment Management cut its holdings in AbbVie Inc. (NYSE:ABBV) by 1.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,395 shares of the company’s stock after selling 1,245 shares during the quarter. Eagle Ridge Investment Management’s holdings in AbbVie were worth $12,819,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Lokken Investment Group LLC grew its position in shares of AbbVie by 3.6% in the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after buying an additional 58 shares during the last quarter. Aspen Wealth Strategies LLC grew its position in shares of AbbVie by 0.5% in the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock worth $1,776,000 after buying an additional 61 shares during the last quarter. Marks Group Wealth Management Inc grew its position in shares of AbbVie by 2.9% in the 4th quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock worth $349,000 after buying an additional 63 shares during the last quarter. Avion Wealth grew its position in shares of AbbVie by 11.9% in the 4th quarter. Avion Wealth now owns 612 shares of the company’s stock worth $95,000 after buying an additional 65 shares during the last quarter. Finally, White Pine Capital LLC grew its position in shares of AbbVie by 1.2% in the 4th quarter. White Pine Capital LLC now owns 5,498 shares of the company’s stock worth $852,000 after buying an additional 65 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ABBV shares. BMO Capital Markets dropped their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Piper Sandler restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday. Barclays lowered their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Wednesday, June 5th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Thursday, June 20th. 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. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average price target of $181.07.

AbbVie Trading Down 2.6 %

Shares of NYSE ABBV opened at $165.97 on Wednesday. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The business’s 50 day moving average price is $164.65 and its 200-day moving average price is $167.74. AbbVie Inc. has a fifty-two week low of $132.70 and a fifty-two week high of $182.89. The company has a market cap of $293.08 billion, a price-to-earnings ratio of 49.25, a PEG ratio of 2.19 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results 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. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same period in the prior year, the business posted $2.46 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, sell-side analysts expect that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The company 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 $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.74%. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

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.