MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Cuts Stake in AbbVie Inc. (NYSE:ABBV)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH reduced its stake in AbbVie Inc. (NYSE:ABBV) by 4.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 90,879 shares of the company’s stock after selling 3,878 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in AbbVie were worth $16,549,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Lokken Investment Group LLC increased its position in AbbVie by 3.6% during the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after buying an additional 58 shares in the last quarter. Aspen Wealth Strategies LLC increased its position in AbbVie by 0.5% during the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after buying an additional 61 shares in the last quarter. Marks Group Wealth Management Inc increased its holdings in shares of AbbVie by 2.9% in the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock valued at $349,000 after purchasing an additional 63 shares during the period. Avion Wealth increased its holdings in shares of AbbVie by 11.9% in the fourth quarter. Avion Wealth now owns 612 shares of the company’s stock valued at $95,000 after purchasing an additional 65 shares during the period. Finally, White Pine Capital LLC increased its holdings in shares of AbbVie by 1.2% in the fourth quarter. White Pine Capital LLC now owns 5,498 shares of the company’s stock valued at $852,000 after purchasing an additional 65 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

NYSE:ABBV opened at $165.97 on Wednesday. AbbVie Inc. has a one year low of $132.70 and a one year high of $182.89. 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 stock has a market cap of $293.08 billion, a PE ratio of 49.25, a P/E/G ratio of 2.19 and a beta of 0.64. The stock has a 50 day moving average price of $164.65 and a 200 day moving average price of $167.74.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) 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 analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.46 earnings per share. Equities research analysts expect 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. Shareholders of record on Monday, July 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.74%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ABBV. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Thursday, June 20th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. BMO Capital Markets dropped their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday. Finally, Barclays dropped their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $181.07.

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.