Verum Partners LLC Has $507,000 Stake in AbbVie Inc. (NYSE:ABBV)

Verum Partners LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 4.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,783 shares of the company’s stock after selling 115 shares during the quarter. Verum Partners LLC’s holdings in AbbVie were worth $507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in ABBV. Schonfeld Strategic Advisors LLC lifted its holdings in shares of AbbVie by 195.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 4,890 shares of the company’s stock valued at $729,000 after buying an additional 3,235 shares during the last quarter. Lazard Asset Management LLC raised its position in AbbVie by 95.1% during the third quarter. Lazard Asset Management LLC now owns 195,048 shares of the company’s stock valued at $29,073,000 after acquiring an additional 95,057 shares in the last quarter. First National Bank of Omaha lifted its stake in AbbVie by 7.9% in the third quarter. First National Bank of Omaha now owns 8,460 shares of the company’s stock valued at $1,261,000 after acquiring an additional 620 shares during the last quarter. Ameriprise Financial Inc. grew its position in AbbVie by 1.4% in the third quarter. Ameriprise Financial Inc. now owns 14,066,082 shares of the company’s stock worth $2,098,436,000 after acquiring an additional 199,833 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in shares of AbbVie by 32.9% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 2,014,817 shares of the company’s stock worth $300,329,000 after purchasing an additional 498,978 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE:ABBV opened at $165.97 on Wednesday. The firm’s 50-day moving average is $164.65 and its 200-day moving average is $167.74. 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 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 Inc. has a 52-week low of $132.70 and a 52-week high of $182.89.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 11.02% and a return on equity of 179.47%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm earned $2.46 EPS. Equities research analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared 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. This represents a $6.20 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is 183.98%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. Piper Sandler reissued an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Tuesday. Barclays reduced their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Finally, BMO Capital Markets decreased their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Two 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $181.07.

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.